In a Facebook post, Umno Youth vice-chief Shahril Hamdan referred to news reports that Great Eastern Life Insurance Malaysia (Great Eastern) had not made a decision on the RM2 billion contribution.

Shahril also asked if the Singaporean-owned company could be seeking an exemption from the government’s ruling on foreign ownership of insurance companies through the RM2 billion contribution.

“In 2009, the Barisan Nasional government decided that insurance companies in Malaysia cannot be 100% foreign owned and that foreign ownership of such companies be limited to 70%,” he said, adding that last year, Bank Negara Malaysia gave a final warning to foreign insurance companies who had not complied with the ruling to do so.

Shahril said Lim, when tabling Budget 2019, had thanked Great Eastern for the RM2 billion contribution as if the matter had been finalised, but the Singaporean media reported that company had yet to agree to this.

“Which one is real? Perhaps many are asking why Great Eastern is willing to contribute, is it their corporate social responsibility?”

Shahril said Singaporean media also reported that Great Eastern was in discussions with the Pakatan Harapan government to get an exemption from the ruling requiring it to sell a 30% stake to a Malaysian entity, and questioned if this was the motive for the contribution.

FMT has contacted Lim for his comments and is waiting for his reply.