Wan Ahmad Fayhsal Wan Ahmad Kamal, who had expressed concern over the deal during the debate on the 12th Malaysia Plan (12MP) mid-term review last month, said the government must also clarify its next course of action.

“I welcome the postponement (of the proposed deal), but the government also needs to answer more questions. We want greater accountability. It’s a necessary bailout, we understand that,” he told FMT.

Among the questions posed by Wan Fayhsal are whether the government has investigated the reasons behind Boustead Holdings Bhd’s financial troubles, whether action was taken against those responsible for mismanagement, and if stakeholders were consulted on the proposed deal.

Earlier, a report, quoting sources, said the proposed deal had fallen through.

It was also reported that KLK and BPlant had suspended trading since 9am, pending an announcement. Bursa Malaysia Securities said the trading halt was at the request of BPlant.

Wan Fayhsal, the Machang MP, said he was surprised by the new development, considering how the defence ministry had addressed the issue in the Dewan Rakyat.

BPlant is a wholly-owned subsidiary of the Armed Forces Fund Board (LTAT).

“(The defence ministry) was adamant to push through the deal with KLK,” he said.

Defence minister Mohamad Hasan had said the sale of BPlant’s shares by LTAT was intended to address cash flow issues and settle Boustead’s debt by the end of 2023 to prevent bankruptcy.

Mohamad’s answer came after Wan Fayhsal questioned why the shares were not sold to Sime Darby Bhd or Permodalan Nasional Bhd instead, if the government was committed to empowering Bumiputera equity ownership, as outlined in the 12MP.