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More loss-making government-linked companies in Sabah than profitable ones, says State Finance Minister

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Sabah,Government-Linked Companies,Glcs

Kota Kinabalu: There are more loss-making government-linked companies (GLCs) in Sabah than profitable ones, said State Finance Minister Datuk Seri Masidi Manjun.

Kota Kinabalu: There are more loss-making government-linked companies in Sabah than profitable ones, said State Finance Minister Datuk Seri Masidi Manjun.

“If you have that in mind, you will know when to stop. If they do not want to lose their jobs, they must perform well.“We are not running a charitable organisation. In fact, you are supposed to make money to pay for your salaries.However, he explained that he is not saying the Government is eager to penalise those who failed, “but those who failed should try.”

Masidi said among the key elements to ensure a GLC is run well are good financial management, good corporate governance, accountability and a good business plan, which includes avoiding competition with other GLCs.

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