KUALA LUMPUR, Feb 12 — Datuk Seri Anwar Ibrahim said today that government agencies can no longer set up subsidiary companies without top-level approval.

According to Utusan Malaysia, the prime minister also said too many related firms had suffered heavy losses, making stricter oversight necessary.

He acknowledged that shutting down underperforming companies was no easy task but insisted it was essential for institutional reform, the report added.

“I have also asked former Treasury secretary-general Datuk Seri Asri Hamidon to propose measures to streamline government agencies.

“These recommendations will be presented to the Chief Secretary to the Government before I make a final decision in the Cabinet,” he said at the Finance Ministry’s monthly assembly and the launch of the iPayment system today.