KUALA LUMPUR (July 1): An opposition Member of Parliament (MP) has called on the Ministry of Defence to clarify whether the Armed Forces Fund Board (LTAT) is in talks to sell the petrol station operator Boustead Petroleum Marketing Sdn Bhd (BHPetrol).

During the debate on the Human Rights Commission of Malaysia (Suhakam) report in the Dewan Rakyat on Monday, Wan Ahmad Fayhsal Wan Ahmad Kamal (Perikatan Nasional-Machang) said that there are rumours suggesting LTAT is currently in discussions with Saudi Arabia's state-owned Saudi Aramco regarding the sale of the petrol station operator.

"Furthermore, there are claims that LTAT will appoint the Jewish-owned asset management firm Rothschild & Co for the alleged sale to Saudi Aramco. I request the Minister of Defence to clarify this," said Wan Fayhsal.

Established in 1824, The Macallan has maintained its position as one of the world's foremost Scotch whisky makers. The uncompromising excellence, revered quality and distinctive character of its whiskies have never wavered since Alexander Reid founded the company 200 years ago.

BHPetrol is a government-linked investment company (GLIC) and a subsidiary of both LTAT and Boustead Holdings Bhd. According to LTAT and Boustead's annual report for 2022, LTAT holds a 36% stake in BHPetrol, while Boustead holds a 42% stake.

It's noteworthy that LTAT owns 100% of Boustead after privatising it last year.

In June last year, Bloomberg reported that Boustead was considering selling BHPetrol for as much as RM2 billion. Citing unnamed sources familiar with the matter, the report indicated that oil and gas companies as well as investment firms have expressed interest in the deal.

However, Boustead denied having any material discussions about divesting BHPetrol.

Meanwhile, Wan Fayhsal has urged the Public Accounts Committee (PAC) to investigate the privatisation of Malaysia Airports Holdings Bhd (MAHB).

He called on the PAC, chaired by Masjid Tanah MP Mas Ermieyati Samsudin to examine the rationale behind selling 30% of MAHB’s shares to the Abu Dhabi Investment Authority (ADIA) and Global Infrastructure Partners (GIP).

GIP and ADIA, along with Khazanah Nasional Bhd and the Employees Provident Fund (EPF) through a consortium named Gateway Development Alliance Sdn Bhd (GDA), are in the process of privatising MAHB.

However, the deal has faced opposition due to GIP's association with US-based investment company BlackRock, which is in the midst of acquiring GIP. BlackRock has been accused of involvement in the Palestinian genocide. 

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