This article first appeared in The Edge Financial Daily on October 2, 2018

KUALA LUMPUR: Any review on Lynas Malaysia Sdn Bhd should be public, transparent, objective and evidence-based, according to the Malaysia Australia Business Council (MABC).

In a statement yesterday, MABC said the company should be given the opportunity to defend publicly its regulatory and environmental record since it commenced operations in 2012.

MABC’s comments came in light of recent reports about a review on the operations of Lynas Malaysia, producing high quality rare earth materials in Kuantan, Pahang under extensive licensing conditions since September 2014.

It said while the government’s right to conduct a review on the operations is not questioned, it is important that such a review is 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 it does not damage Malaysia’s reputation as a stable and open investment destination,” it added.

MABC said Malaysia has long been regarded as an attractive investment destination. “This is because of a reliable legal framework; predictable economic, political and policy environment; and demonstrated openness to investments from the government and Malaysian business community,” it said.