Minister of Finance Incorporated ─ Ownership and Control of Corporate Malaysia

This is a study of Malaysia’s new political economy, with a focus on ownership and control of the corporate sector. It offers a pioneering assessment of government-linked investment companies (GLICs), a type of state-owned institution that has long prevailed in the corporate sector but has not been analysed. Malaysia’s history of government-business ties is unique, while the nature of the nexuses between the state and the corporate sector has undergone major transitions. Corporate power has shifted from the hands of foreign firms to the state to the ruling party, and well-connected businessmen, and back to the state. Corporate wealth is now heavily situated in the leading publicly-listed government-linked companies (GLCs), controlled through block shareholdings by a mere seven GLICs under the jurisdiction of the Minister of Finance. To indicate why these GLICs are important actors in Corporate Malaysia, this study provides a deep assessment of their ownership and control of Bursa Malaysia’s top 100 publicly-listed enterprises.

Edmund Terence Gomez is Professor of Political Economy at the Faculty of Economics & Administration, University of Malaya. He has held appointments at the University of Leeds (UK) and Murdoch University (Australia) and served as Visiting Professor at Kobe University, Japan and at the Universities of Michigan (Ann Arbor) and California (San Diego) (USA). Between 2005 and 2008, he served as Research Coordinator at the United Nations Research Institute for Social Development (UNRISD), in Geneva, Switzerland.

Thirshalar Padmanabhan is currently pursuing a Masters of Development Studies degree at the University of Malaya.

Norfaryanti Kamaruddin is a research officer with the Institute of Tropical Forestry and Forest Products (INTROP), Universiti Putra Malaysia.

Sunil Bhalla obtained his post-graduate degrees from Universiti Putra Malaysia and the University of Malaya.

Fikri Fisal is currently pursuing a Masters of Development Studies degree at the University of Malaya.