Quit or Get Fired: Ultimatum to Perak Corp Board Members After Huge Losses

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Call for MACC to probe Perak Corp Bhd over RM340.6 million loss.

All board members of Perak Corp Bhd (PCB) have been told to resign immediately with dignity, or be prepared to be sacked.

Perak DAP chairman Nga Kor Ming, who made the call following a huge net loss reported in the key subsidiary under the state agency Perak State Development Corp (PKNP), said the board members have failed miserably in managing its finances.

He urged the Malaysian Anti-Corruption Commission (MACC) to investigate PKNP after an external auditor’s report showed that the group incurred a net loss of RM340.6 million in a single year (2017).

Nga said Ernst & Young reported that the group’s liabilities exceeded its current assets by RM158.5 million for the year 2017.

“The responsibility of a state government is to take care of the people’s welfare and develop the state and not to open a theme park.

Farhan Najib

“If they wanted to open a theme park, they should invite Genting Berhad or Disney Land and give them land to open the theme park. Let them invest and we can impose taxes on them. This is how it should be done.

MAPS

“But, they were stubborn and did not want to listen to us and now as a consequence, all Perakians have to suffer due to their negligence. Why should we bear their responsibilities now?” he said.

“The amount of debts is shocking and it shows how incapable the board members have been in managing the group.

“’The board members, who are current and former Barisan Nasional state representatives themselves, should resign with dignity before they’re sacked,” he told a press conference in Ipoh Saturday (May 26).“’Under normal governance, it is irregular for a company to incur such huge losses that exceed its own asset and market value.

“At any time, the group could be bankrupt or face issues of insolvency.

“’We call on the Malaysian Anti-Corruption Commission (MACC) to investigate PCB for any wrongdoing,” he added.

Nga also said that the reason for the loss incurred is due to weakness in the management of the previous state administration as well as the debt caused by the Movie Animation Park Studios (MAPS) project.

He said Pakatan Harapan had on many occasions warned the previous Barisan Nasional government not to proceed with the MAPS project as they do not have the expertise in managing and operating such a theme park.

Nga said there is no immediate solution to solve this problem and he hopes the mentri besar will call a meeting soon to discuss this matter.