Yeah Kim Leng of Sunway University Business School said Kuok could act as an intermediary between the Pakatan Harapan (PH) government and the Chinese government to discuss some of the projects.
Last year, the Dewan Rakyat was told that the Barisan Nasional (BN)-led government had approved 33 projects including the mixed-development Forest City project in Johor, East Coast Rail Link (ECRL), and Melaka Gateway, all of which have Chinese investment.
“The most contentious would be the RM55 billion ECRL project,” Yeah told FMT. “There should be a possible cancellation, downsizing or re-negotiation of the terms and conditions.”
Yesterday, prolific entrepreneur Kuok sat in for the first time in the Council of Elders’ meeting at Ilham Tower.
Kuok, known as Malaysia’s “Sugar King”, is one of five members in the Council of Elders.
Kuok, along with former finance minister Daim Zainuddin, former Bank Negara Malaysia governor Zeti Akhtar Aziz, former Petronas CEO Hassan Merican and prominent economist Jomo Kwame Sundaram were hand-picked by Prime Minister Dr Mahathir Mohamad to advise the government on financial and economic affairs.
Malaysian-born Kuok, 94, is a business magnate and investor. According to Forbes, his net worth was estimated at US$14.8 billion as of March 2018, making him the richest person in Malaysia.
Yeah said Kuok could be of help to Putrajaya as he had a deep understanding of business in the region and many years of experience.
“We could leverage on his knowledge. He has shipping, sugar and flour industries. He can help with expanding business and share his experience with the nation,” he said.
Yeah added that Kuok, as a highly respected business tycoon, could boost the confidence of the council in drawing up appropriate economic policies for the country.
“His advice and input to the council will be invaluable,” he added.
Many PH MPs in the past had objected to the ECRL project, fearing it would leave Malaysia indebted to China as the revenue from the link connecting the less developed east coast to the west might not bring in substantial revenue.