PASIR MAS, July 6 — The Rural and Regional Development Ministry will resolve the RM286.3 million loss from Mara Incorporated Sdn Bhd that was highlighted in the Auditor-General’s Report and ensure it does not recur, said Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi.
Zahid, who is also Rural and Regional Development Minister, said though recovering these losses will take time, he will ensure there is no breach of trust, misappropriation or abuse of power among Mara’s subsidiaries.
“Mara Inc’s losses have been occurring since 2012, and I will find ways to resolve this issue now to prevent it from recurring.
“We are not looking to place blame, but the reported losses were due to bad and excessive investments as several assets purchased abroad exceeded market prices,” he told reporters after officiating the Madani 1.0 Youth Career and Sports Carnival at SK Sultan Ibrahim 1 here today.
Yesterday, Mara director-general Datuk Seri Azhar Abdul Manaf said accumulated losses from 2012 to 2022 partly involved the purchase of assets abroad, particularly in Australia and the United Kingdom, between 2012 and 2014.
According to the Auditor-General’s Report Series 2/2024 tabled in the Dewan Rakyat on Thursday, the accumulated losses borne by Mara Inc decreased by 3.8 per cent from RM297.63 million in 2021 to RM286.3 million in 2022.
This reduction was contributed by the improved financial performance of the group, which recorded a pre-tax profit of RM11.67 million for the year 2022.
— Bernama
