GLCs: Sink or swim together?

According to E.S. Shankar, just the following GLCs/Statutory bodies having invested in FGV have suffered huge book losses as a result of the recent stock market downturn totaling almost Rm8 billions:

GLC/STATUTORY BODY FGV SHARE #1 LOSSES 
  

	%	No. of Shares	@4.55	@1.56	BOOK LOSS
			RM	RM	RM
Felda Land	20.00%	729,629,800	3,319,815,590	1,138,222,488	2,181,593,102
Felda Asset	13.66%	498,321,192	2,267,361,424	777,381,060	1,489,980,364
Tabung Haji	7.78%	283,710,100	1,290,880,955	442,587,756	848,293,199
Felda Co-operative	5.80%	211,758,908	963,503,031	330,343,896	633,159,135
KWP	5.63%	205,763,500	936,223,925	320,991,060	615,232,865
EPF	5.28%	192,587,200	876,271,760	300,436,032	575,835,728
Pahang State Govt	5.00%	182,407,575	829,954,466	284,555,817	545,398,649
Amanah Saham Bumiputra	4.13%	89,010,989	405,000,000	138,857,143	266,142,857
Sabah State	1.81%	65,934,066	300,000,000	102,857,143	197,142,857
PNB	1.58%	57,803,700	263,006,835	90,173,772	172,833,063
Amanah Saham 2020	1.22%	44,601,400	202,936,370	69,578,184	133,358,186
LTAT	0.97%	35,535,900	161,688,345	55,436,004	106,252,341
Yayasan Islam Terengganu	0.45%	16,455,100	74,870,705	25,669,956	49,200,749
Socso	0.33%	12,200,000	55,510,000	19,032,000	36,478,000
Lembaga Air Perak	0.27%	10,000,000	45,500,000	15,600,000	29,900,000
	73.91%	2,635,719,430	11,992,523,407	4,111,722,311	7,880,801,096

But of course, like in any investments, it could have been bountiful book profits too, during economic boom.

The question arises as to why those GLCs invested in FGV in the first place, especially despite fierce criticisms against the listing of FGV because at the time, it appears to be at the expense of the Felda settlers. Were they under pressure to make up the numbers?  Events since have also shown how the management have invested overseas, buying properties at above market prices and so on.

The recent fall in share prices at Bursa Saham was mainly because of withdrawal of foreign investment funds from it. Was it because of our questionable political situation where the rule of law seems topsy turvy?
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