Malaysia not going bankrupt … but GLCs to retrench 5,134 staff

Malaysia not going bankrupt … but GLCs to retrench 5,134 staff

Remember what 1Malaysia Development Berhad (1MDB) Prime Minister Najib said: First he says it’s either GST (Goods Services Tax) or facing bankruptcy for Malaysia”. Then he says, “Malaysia not not going bankrupt”.

Well, you readers figure out yourselves what’s he saying?

Today (Oct 26, 2016), Reuters reported that Najib’s Finance Ministry’s government-linked companies (GLCs) are laying off 5,134 employees.

Yes. We believe what Najib said. Malaysia is not going bankrupt and the country’s financial and economic health is all dandy.

Read on:

"NAJIB BRINGS OUT THE GUILLOTINE – BUT NOT FOR HIMSELF: GOVT-LINKED COMPANIES TO LAYOFF 5,134 STAFF IN COST-CUTTING MOVE

Business, Politics | October 26, 2016 by | 0 Comments


KUALA LUMPUR – The move to reduce staff at government linked companies (GLCs), those owned by the government through the Minister of Finance Inc (MoF Inc) and banking entities, involves 5,134.

This was stated by the Ministry of Finance in a written reply to Lim Lip Eng (DAP-Segambut) and distributed to the media in the Dewan Rakyat here.

The MoF said five GLCs had terminated or did not renew staff contracts,

They are Malaysia Airline System Bhd (4,682), Kumpulan Affin (146), Boustead Holdings Bhd(151), Chemical Company of Malaysia Bhd (153) and Malaysia Airlines Bhd (two).

“In the case of MoF Inc companies, two, namely Petroliam Nasional Bhd and Bank Pertanian Malaysia Bhd cut staff numbers by 1,000 and 36 respectively.

The ministry also said the reduction in staff was due to factors such as closing down of company operations, consolidation of entities and adjustments to the business environment at a given time.

“As such, the companies have ensured every worker concerned received a fair financial compensation and based on their rights under existing collective agreements,” it added.
– Reuters/Malaysia Chronicle"