Malaysia says it does not interfere in firms' management, after MMC Port puts Bin Sulayem in charge

- Malaysia's government cannot interfere in the management of companies and only regulates shareholding structures, its transport minister said on Friday, following the appointment of former DP World chief Sultan Ahmed Bin Sulayem to lead the country's largest port operator.

Reuters exclusively reported on Wednesday that Bin Sulayem, who in February quit his top post at Dubai-based logistics giant DP World amid scrutiny over his alleged ties to Jeffrey Epstein, had taken charge of Malaysian firm MMC Port Holdings.

  • "We only regulate in terms of shareholding involving companies operating concessions and strategic national assets, including ports and others. It must be majority owned by Malaysians (at) 51%, that is our policy, but in terms of management, the government does not interfere," minister Anthony Loke told a press conference, a video of which was provided by his office.

  • MMC Port is Malaysia's largest port operating group with seven ports along or near the Strait of Malacca, a waterway vital to global trade.

  • MMC Port is wholly owned by utilities and infrastructure group MMC Corporation Berhad. Its shareholding details are not publicly available.

  • Emails exchanged between Emirati Bin Sulayem and Epstein, who died in jail in 2019 while awaiting trial on sex trafficking charges, were released by the U.S. Justice Department. Bin Sulayem has not publicly commented on the emails.

  • Bin Sulayem could not be reached by Reuters for comment. MMC Port has not responded to Reuters' requests for comment on the appointment.

  • Bin Sulayem's appointment has prompted outrage on Malaysian social media, with many users questioning his suitability.

  • A July 12 MMC Ports memo seen by Reuters showed Bin Sulayem had already been holding a role at MMC and was placed in direct charge of the firm, with the group chief executive leaving with immediate effect. It was not immediately clear when Bin Sulayem had joined MMC Ports.

  • Responding to a question on whether there were any shareholding changes in MMC, Loke said authorities had not received information nor any notification from the company or the concessionaire.

  • Meanwhile, Geoffrey Williams, economist, founder and director of Williams Business Consultancy Sdn Bhd, said Bin Sulayem had a very strong background and would be a good pick in the interim, or to take the role permanently, in what could "signal a new direction for MMC Port as a stronger logistics and transshipment hub."

  • On Bin Sulayem's alleged Epstein links, Williams said he would only comment on Bin Sulayem's corporate background and experience.