Fitch negative on Malaysia's state-led 5G rollout, cites corruption

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Putrajaya’s decision to allocate 5G spectrums through a special purpose vehicle (SPV) instead of directly tendering them to private operators is being viewed as a risk to the market.Fitch Solutions, the research arm of Fitch Group, said the potential lack of transparency with the SPV will affect the speed of the rollout, on top of concerns about higher costs.“Purported corruption in the ranks of the Perikatan Nasional (PN) government could also affect the 5G rollout potential.“Prime Minister Muhyiddin Yassin has - in order to appease his coalition partners - allocated key positions in the cabinet and government-linked companies (GLCs) to secure political support, and it is possible that executive roles within this new entity will be allocated to political allies.“The lack of private sector involvement in the SPV also raises concerns that contracts might not follow open tender …