Tuesday 19 Mar 2024
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ong-kian-mingKUALA LUMPUR: Pakatan rakyat lawmaker Ong Kian Ming (pic) has called on Putrajaya to explain why government development expenditure is being channelled through a little-known company owned by the Ministry of Finance, Pembinaan PFI Sdn Bhd, which has also yet to file its accounts.

Ong said PFI tabled its company accounts for 2011 on June 29, 2012, and for 2012 on June 28, 2013. But it has yet to file corporate accounts for financial year 2013, which means it is almost five months late in doing so.

“Is PFI trying to hide another massive growth in its liabilities in financial year 2013?” the Serdang MP asked in a statement yesterday.

“Is it following in the footsteps of other Finance Ministry-owned companies such as SRC International and 1MDB [1Malaysia Development Bhd] and its subsidiaries in not filing their company accounts on time?”

He said that the company’s liabilities seem to have grown at a worrying rate. At the end of 2011, PFI’s liabilities stood at RM19.9 billion; while at the end of 2012, PFI’s liabilities had grown to RM27.9 billion, an increase of RM8 billion in just one year.

Ong had raised the issue of PFI’s liabilities and “its mind-boggling multi-billion ringgit rental deals”. He

accused Putrajaya of trying to conceal some RM30 billion worth of spending by PFI. — The Malaysian Insider

 

This article first appeared in The Edge Financial Daily, on November 20, 2014.

 

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