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Nov 6, 2008

Perak MB orders SEDC CEO to submit report on RM100 million losses

malaysianinsider | The Perak Government has ordered State Development Corporation chief executive officer Datuk Shamsudin Hashim to submit a detailed report on more than RM100 million losses suffered by several subsidiaries.

Menteri Besar Datuk Seri Mohammad Nizar Jamaluddin said the losses suffered were actually a cumulative figure by several subsidiary companies and not by one company as reported on Friday. The report is inaccurate, not one company with a RM50,000 paid-up capital incurring more than RM100 million losses.

“It's a cumulative figure involving several companies,” he told reporters after a meeting with Perak Penghulus' Assocation here today.

Asked whether the losses were incurred from foreign investments, Mohammad Nizar said they were mainly from investments besides various other aspects.

“Investments made in and outside the country ended up in losses. Besides that, several housing projects cannot be sold. Hence, several companies accumulated the losses over a long period,” he said.... selanjutnya.


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