Don't damage investor confidence with Lynas review - MABC
Any review into Lynas Corporation's operations in Gebeng should be public, transparent, objective and evidence-based, says the Malaysia-Australia Business Council (MABC).
According to MABC, the rare earths processing company should also be provided with the opportunity to publicly defend its regulatory and environmental record in the interest of maintaining investor confidence in Malaysia.
"Australian businesses have invested almost RM30 billion in Malaysia as at the end of 2017, across a range of productive economic sectors, including manufacturing, services, agribusiness, resources and the digital economy.
"This investment has created thousands of jobs for Malaysians and helped boost Malaysia’s economic development, intellectual property and skills base," it said in a statement today.
Last month, it was reported that the Energy, Science, Technology, Environment and Climate Change Ministry would be establishing a committee to review Lynas' operations.
Kuantan MP Fuziah Salleh, who has been a vocal critic of Lynas since the project was first mooted in 2008, was appointed to chair the committee.
"While the government’s right to conduct a review of the operations is not questioned, it is important that such a review should be to assess any breaches of its licence or for not meeting acceptable international standards.
"The credibility of the review, which includes the composition of the review team and the terms of reference, is critical to ensure that it does not damage Malaysia’s reputation as a stable and open investment destination," said MABC.
"Our expectation is that any review of our operations should be fair, scientific and adhere to the proper process, in keeping with other recent initiatives of the new government," it said.
In a statement to the Australian Securities Exchange, Lynas had also noted that Fuziah's appointment would "raise concerns".
Former prime minister Najib Abdul Razak had also come to Lynas' defence, saying that in the six years since the mining company began operations in his home state of Pahang, no "Wolverines or Professor Xs are wandering the streets of Kuantan and its surroundings." - Mkini
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