'Directors have taken out RM81.4mil from NFC'
Nigel Aw
11:50AM March 2, 2012
Directors of a National Feedlot Corporation (NFC) have transferred close to RM81.4 million from a association comment to those of external companies as of 2009, DAP inhabitant broadside chief Tony Pua pronounced today.
The amount, he said, is held by in isolation companies under a directors but any pledge which a sum would be returned to NFC.
"The directors have emphasised which all these companies have been possibly subsidiaries or compared with NFC.
"But a accounts since 2007 showed NFC has no subsidiaries," he pronounced at a press discussion at a DAP domicile in Kuala Lumpur this morning.
The NFC's 2009 review inform states:"Included in alternative receivables as well as deposits of a association is an volume of RM81,324,745 (2008: RM32,275,493) due by companies which have been compared with certain directors of a company.
"The amounts have been unsecured as well as have no bound term of repayment."
Pua said: "This equates to which you do not know if you can get a income back."
Audit reports for 2008 as well as 2009
Reiterating which lending without delay to association directors is against a Companies Act 1965, Pua speculated which a volume may have ballooned to over RM100 million after 2009, a accounts of which have yet to be published.
The review reports of 2008 as well as 2009 listed a association directors as Women, Family as well as Community Development Minister Shahrizat Abdul Jalil's (r! ight) fa ther Mohamad Salleh Ismail as well as their 3 children, namely Wan Shahinur Izran Mohamad Salleh, Wan Izzana Fatimah Zabedah Mohamad Salleh as well as Wan Shahinur Izmir Mohamad Salleh.
The alternative 5 allocated directors were A Manaf Hussin, Mohd Mokhtar Ismail, Mat Ali Hassan, Raj D Ratnakumar as well as Norzam Md Nor.
However, Ratnakumar as well as Norzam! resigne d in 2009 while Alias Mohd Yassim was allocated in May 2010.
"Given which this volume of income was funded by taxpayers, we call upon NFC to rught divided disclose every single cent of a RM81.4 million.
"There is a good need for accountability, income from a government cannot be used for anything or dark away, it must be transparent as well as taxpayers must be informed," he said.
If NFC fails to rught divided disclose all a in isolation companies which have drawn income from NFC, Pua said, he will push this matter prior to a Public Accounts Committee which will encounter on March 5.
"I will have sure NFC is at a top of a agenda... we will demand a list of alternative receivables from who as well as to where," he said.
According to a review inform from LM Chan & Associates, NFC had in 2007 suffered a detriment of RM1.94 million, followed by RM7.04 million as well as RM10.94 million in 2008 as well as 2009, respectively.
For 2008 as well as 2009, NFC's income cost exceeded a gross revenue, thus suffering a detriment even prior to alternative operating costs as well as expenses were deducted.
As of 2009, it had piled up a total detriment of RM19.93 million.
The review reports additionally showed which a directors had forked out a total of RM1.11 million for a National Feedlot Project, however, a remaining was from a RM250 million government soft loan postulated to NFC. - tonypuablog
Read More @ Source Nigel Aw
11:50AM March 2, 2012
Directors of a National Feedlot Corporation (NFC) have transferred close to RM81.4 million from a association comment to those of external companies as of 2009, DAP inhabitant broadside chief Tony Pua pronounced today.
The amount, he said, is held by in isolation companies under a directors but any pledge which a sum would be returned to NFC.
"The directors have emphasised which all these companies have been possibly subsidiaries or compared with NFC.
"But a accounts since 2007 showed NFC has no subsidiaries," he pronounced at a press discussion at a DAP domicile in Kuala Lumpur this morning.
The NFC's 2009 review inform states:"Included in alternative receivables as well as deposits of a association is an volume of RM81,324,745 (2008: RM32,275,493) due by companies which have been compared with certain directors of a company.
"The amounts have been unsecured as well as have no bound term of repayment."
Pua said: "This equates to which you do not know if you can get a income back."
Audit reports for 2008 as well as 2009
Reiterating which lending without delay to association directors is against a Companies Act 1965, Pua speculated which a volume may have ballooned to over RM100 million after 2009, a accounts of which have yet to be published.
The review reports of 2008 as well as 2009 listed a association directors as Women, Family as well as Community Development Minister Shahrizat Abdul Jalil's (r! ight) fa ther Mohamad Salleh Ismail as well as their 3 children, namely Wan Shahinur Izran Mohamad Salleh, Wan Izzana Fatimah Zabedah Mohamad Salleh as well as Wan Shahinur Izmir Mohamad Salleh.
The alternative 5 allocated directors were A Manaf Hussin, Mohd Mokhtar Ismail, Mat Ali Hassan, Raj D Ratnakumar as well as Norzam Md Nor.
However, Ratnakumar as well as Norzam! resigne d in 2009 while Alias Mohd Yassim was allocated in May 2010.
"Given which this volume of income was funded by taxpayers, we call upon NFC to rught divided disclose every single cent of a RM81.4 million.
"There is a good need for accountability, income from a government cannot be used for anything or dark away, it must be transparent as well as taxpayers must be informed," he said.
If NFC fails to rught divided disclose all a in isolation companies which have drawn income from NFC, Pua said, he will push this matter prior to a Public Accounts Committee which will encounter on March 5.
"I will have sure NFC is at a top of a agenda... we will demand a list of alternative receivables from who as well as to where," he said.
According to a review inform from LM Chan & Associates, NFC had in 2007 suffered a detriment of RM1.94 million, followed by RM7.04 million as well as RM10.94 million in 2008 as well as 2009, respectively.
For 2008 as well as 2009, NFC's income cost exceeded a gross revenue, thus suffering a detriment even prior to alternative operating costs as well as expenses were deducted.
As of 2009, it had piled up a total detriment of RM19.93 million.
The review reports additionally showed which a directors had forked out a total of RM1.11 million for a National Feedlot Project, however, a remaining was from a RM250 million government soft loan postulated to NFC. - tonypuablog
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