'Don't sell out to controversial investors' - Tian Chua warns against BlackRock deal

SHAH ALAM - Former PKR leader Tian Chua has cautioned the government to seek investors who are genuinely interested and experienced as partners rather than aligning with companies tainted by controversial histories.

His remarks come amidst mounting protests led by social activist Mythreyar Mutturamalinggam, urging the government to refrain from entering into an investment agreement with BlackRock.

The protests highlighted BlackRock's pro-Israel stance and contentious business practices.

Mythreyar, 46, renowned for his steadfast advocacy for social justice, has initiated a hunger strike to amplify his objections.

"His activism deserves admiration, especially his commitment to a hunger strike. Such actions are never easy," Chua acknowledged, praising the activist's courage.

In an interview with Sinar Daily, Chua stressed the protest's significance within the broader context of the Palestinian cause.

"This protest is a modest gesture in our larger struggle for Palestine," he said, underlining solidarity as pivotal.

Expressing concern over potential ramifications, Chua warned against the long-term privatisation of national assets to foreign entities, citing past pitfalls.

"We've seen numerous instances where extended privatisation led to disasters.

"If we commit to a foreign entity for 45 years until 2069, what if errors occur?

"How will we rectify them? We'd burden future generations," Chua added.

He also slammed the government's approach as reckless, urging thorough evaluation before proceeding.

Highlighting BlackRock's global influence and geopolitical motives, Chua emphasised broader implications.

"They aim to leverage national asset privatisation to control Malaysia's and neighbouring countries' infrastructure, countering China's Belt and Road initiative.

"It's blatant. Why entangle ourselves in US-China rivalry?" Chua queried.

"We must maintain neutrality and avoid handing our assets to entities fomenting antagonism with other major powers. It's imprudent," he said.

Chua also questioned the ethical dimension of such agreements.

"Can we, in good conscience, entrust profitable ventures to entities implicated in genocide?" he asked.

While agreeing with Prime Minister Datuk Seri Anwar Ibrahim on Malaysia's appeal to foreign investors, Chua urged discernment in selection.

"Among potential investors, there are experienced partners we can collaborate with without compromising our values," he said.

Last week, Deputy Finance Minister II Datuk Seri Amir Hamzah Azizan said Global Infrastructure Partners (GIP) had expressed readiness to become a minority shareholder in Malaysia Airports Holdings Berhad (MAHB) and is prepared to relinquish its stake within a short period.

He also noted that GIP was chosen based on strict criteria, including the willingness to appoint Malaysian citizens as the chairperson and managing director of MAHB.

GIP is in the process of being acquired by BlackRock as its fully-owned subsidiary.

The acquisition is expected to be completed in the third quarter of this year.

GIP has said its existing leadership team will retain full control of the company and companies it has invested in after the acquisition by Blackrock is complete.

Blackrock is the world’s largest asset management company and has come under criticism for investing in companies that supply weapons to Israel.