Don’t go overboard in debating BlackRock issue, Anwar says
Published on: Monday, July 01, 2024
By: Bernama
The Prime Minister said BlackRock’s presence in Malaysia has never stopped the country from speaking out against Israel’s actions in Gaza. (AFP pic)
Kuala Lumpur: Any polemics related to the BlackRock issue linked to the Israeli regime could affect Malaysia’s interests as a developing country, Prime Minister Datuk Seri Anwar Ibrahim says.
Speaking at the monthly assembly of the Prime Minister’s Department here today, Anwar urged all parties against being “excessive” in discussing the BlackRock issue.
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Anwar, who is also the finance minister, said the presence of the investment giant in Malaysia had not hindered the country’s stance in speaking out against the Israeli regime’s atrocities against the people of Gaza.
“History shows that compared to other countries, we (Malaysia) are among the clearest and firmest (in voicing out against Israel). Don’t demand more than that.
“We are a developing country – look at our level of capability. Don’t let a strong desire to show off undermine the country’s interests. That is our principle in general.
“… the cruelty that Israel committed against Palestine is very clear. No one is disputing it. If there is a company like Microsoft or Google showing sympathy towards Israel, we will oppose it. (However) do you think we should close all paths and cooperation with them?” he said.
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It was reported that data reviews show BlackRock has interests and shareholdings worth RM24.7 billion in companies listed on Bursa Malaysia and RM7.9 billion in Malaysian government and corporate bonds.
According to publicly available data, as of May 2024, the global investment firm held equity investments in 100 listed companies in Malaysia across all industrial sectors, including three banking institutions.
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Anwar said that in 2018, then prime minister Tun Dr Mahathir Mohamad had emphasised in London the need for the firm to enter Malaysia, while in 2021, then prime minister Tan Sri Muhyiddin Yassin approved a proposal by the EPF to entrust BlackRock with managing a special EPF fund amounting to RM600 million.
On the collaboration between Khazanah Nasional Bhd and EPF with Global Infrastructure Partners (GIP) concerning interests in Malaysia Airports Holdings Bhd (MAHB), Anwar said the collaboration had been ongoing since 2012.
“That is why Khazanah and EPF are negotiating with GIP. Our airports have their strengths and advantages, but compared to other major airports, there are many weaknesses, especially in terms of engineering, technical expertise and management.
“There are areas that need improvement because we are somewhat behind in planning and various other aspects. Khazanah and EPF’s decision was then communicated to me and I said to proceed,” he said.
Previously, Anwar said that the sale of a stake in MAHB to GIP had gone through stringent conditions and that one of the merits of its selection was the company’s agreement to retain the appointment of Malaysians as the chairman and CEO of MAHB and the collective ownership of majority shares by the state.
Anwar said that other parties had not agreed to the conditions set by Khazanah and EPF.
GIP is a leading infrastructure investor managing assets worth US$112 billion on behalf of its investors, which include approximately 500 investment institutions worldwide.
In January, it was announced that GIP was being acquired by BlackRock, with the transaction expected to complete in the third quarter of 2024. BlackRock has not in any way been involved in the transaction relating to MAHB.
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