The federal government reimburses the Sarawak power supply corporation about RM1.4 million a month so that about 70,000 households in Sarawak can enjoy free power supply, reports the Borneo Post.
Sounds good?
Let’s take a closer look at Sarawak Energy Bhd, which is 65 per cent owned by the State Financial Secretary Sarawak (which falls under the finance minister, who is Chief Minister Taib Mahmud) and 4 per cent by EPF:
Financial year ended 31 Dec 2008Turnover RM1.3 billionProfit before tax RM293m (RM401m in 2007)Directors’ fees, etc RM3.8m (RM2.3m in 2007)
Now, let’s compare that with Tenaga Nasional Bhd, which was 38 per cent owned by Khazanah and 14 per cent by the EPF:
