Why are PNB assets excluded from potential government asset sales?

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PNB Assets Are Excluded Due to Unit Holder Ownership

Permodalan Nasional Bhd (PNB) assets will not be part of any potential government asset sales aimed at settling national debt. This exclusion is based on the principle that PNB's funds and investments are held for its unit holders, not for the government itself, despite the entity being incorporated and managed by the government.
Clarification on Asset Sale Inclusions

Tony Pua, political secretary to the Minister of Finance, issued a clarification to correct a previous remark that had suggested the potential disposal of government assets might involve entities like Khazanah Nasional and PNB. Pua explicitly stated that any sale of government assets would not include those managed by PNB, acknowledging that his earlier statement may have caused unintended confusion.
Ownership Structure of PNB Funds

The rationale behind PNB's exclusion lies in its ownership structure. While PNB is established and overseen by the government, its financial assets and investment portfolios are ultimately owned by the individuals who hold units in PNB's funds. This distinction means these assets are not considered government property available for direct sale to meet national debt obligations.
Context of National Debt and Asset Sales

The discussion around selling national assets emerged as a potential measure to address the national debt. Prime Minister Tun Dr Mahathir Mohamad had previously indicated that the government might consider options such as implementing additional forms of taxation or divesting national assets. Pua's clarification serves to delineate which government-linked entities and their associated assets would be considered under such a scenario.

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Why are PNB assets excluded from potential government asset sales?

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