KUALA LUMPUR – There is still time for Putrajaya to withdraw from a deal that would involve BlackRock Inc’s participation in Malaysia Airports Holdings Bhd (MAHB), according to Boycott, Divestment, Sanctions (BDS) Malaysia secretary-general Farwina Faroque.
She said Putrajaya has yet to finalise any agreement for the BlackRock subsidiary, Global Infrastructure Partners (GIP), to acquire shares in MAHB.
GIP’s takeover of the airport is to be finalised only in the third quarter of this year, and subject to approval by 90% of MAHB’s shareholders, the Finance Ministry said earlier this month.
As such, Farwina urged Malaysia to set an example globally by encouraging other nations and companies to divest their stakes and end their involvement in Israeli-linked entities.
On May 15, it was announced that Gateway Development Alliance, a consortium comprising GIP, the Abu Dhabi Investment Authority (Adia), the Employees Provident Fund (EPF), and Khazanah Nasional Bhd via UEM Group Bhd, is to be formed.
The first two will take over 30% of MAHB’s shares, with the remaining 70% going to Khazanah and EPF.
The move to privatise MAHB has drawn criticism from Perikatan Nasional (PN) after it was revealed that Israeli-linked BlackRock is set to fully acquire GIP.
PN has accused the government of hypocrisy in standing against Israel’s aggression against Palestinians on the global stage, while allowing BlackRock’s involvement in MAHB through GIP.
However, Farwina suggested that the opposition to Putrajaya’s MAHB deal by other politicians appears to be driven by political motives.
“Regarding the BlackRock and MAHB issue, we have the opportunity to act before it becomes final.
“At the same time, it is disheartening that some individuals have made baseless allegations against the government, such as calling them Zionist,” Farwina told Scoop.
Commenting on Machang MP Wan Ahmad Fayhsal Wan Ahmad Kamal’s suspension from Parliament, Farwina acknowledged that the PN lawmaker is one of the few parliamentarians who has been vocal about both the boycotts and the ongoing genocide in Gaza, Palestine.
She noted that Wan Fayhsal is one of the few MPs who visited activist M. Mythreyar during his hunger strike to protest the sale of MAHB shares to GIP.
Nevertheless, Wan Fayhsal’s use of what has been described as an unsubstantiated poison pen letter in the Dewan Rakyat has not been helpful in his fight against the MAHB deal.
“It is very sad that the parliamentarian raising this issue (about BlackRock) has recently been suspended,” Farwina added.
Be strategic, not emotional
BDS Malaysia has faced criticism from Malaysians, particularly because their list of targeted companies is small.
Farwina reminded Malaysians that BDS is a Palestinian-led movement aiming to achieve its objectives strategically.
Some companies and brands are on BDS’ boycott list, while others are on their divestment list. This means the group engages with entities and governments to persuade them to divest their interests in these companies.
“That’s why Google is on our list but not for consumer boycotts.
“It would be difficult for consumers to boycott Google, so we engage with them to divest their stakes in Israel-linked entities or to speak out for Palestine.
“But people still ask us to boycott Google. It is not practical, because if you think about it, Google’s services themselves can be useful tools for Palestinians,” Farwina explained.
Similarly, she noted that some Malaysians seem to be taking an emotional approach to boycotts and using them as a means to take revenge on companies they dislike.
Farwina said that previously, netizens campaigned for BDS to include Zus Coffee in their boycott list because of the company’s previous involvement with Adidas.
“People sent us messages demanding that we put Zus on our boycott list.
“When we explained that Zus is not a targeted entity, they claimed we are being paid by them.
“But there is a committee that decides which entities end up on the list based on set criteria,” Farwina said. – July 31, 2024