Rafizi trying to torpedo the sale of 1MDB energy assets to foreigners

(Malay Mail Online) – PKR’s Rafizi Ramli today submitted an emergency motion to block 1Malaysia Development Bhd’s (1MDB) energy asset sale and prevent foreigners from acquiring the entirety of the firm’s power plants here.

The Pandan MP said the motion was filed under Standing Order 18 with the purpose of adjourning the November 18 parliamentary meeting to discuss the liquidation of the assets held by 1MDB subsidiary Edra Global Energy Bhd, due to its public importance.

Rafizi insisted that the issue is of public importance, as required by Standing Order 18 (2) for an emergency adjournment, because it would put vital energy assets under the control of foreigners, whom he said could influence matters such as electricity tariffs.

He also suggested that ownership by a Chinese firm would allow it to undermine local power utility Tenaga Nasional Bhd and other power generation firms, rendering them incapable of competing against the foreign company.

“I predict that if this happens, in 10 years’ time TNB will become another ordinary energy firm and not the power generation giant it is now that can be trusted to protect the interests of the public and country.

“This will cause many Malaysian workers in the energy sector to lose their jobs when their work is taken over by the Chinese workers that the Chinese firm will bring in,” he said in a statement.

Three firms including TNB have submitted bids for Edra Energy; the other two are not disclosed but believed to be Qatar state-owned power firm Nebras Power QSC and Hong Kong-listed CGN Meiya Power Holdings Co.

TNB was initially tipped to be the likely winner of the race for the power assets valued at up to RM18 billion, due to local regulations limiting foreign equity ownership to 40 per cent, but 1MDB had suggested that Putrajaya may consider an exemption in this instance.