Genting's donations of RM190mil election-related?
KINIBIZ Genting Bhd has made unexpected corporate social responsibility contributions totalling an estimated RM190 million in the first quarter of this year, which analysts and industry sources said could be related to the May 5 elections.
Analysts said this is an extremely large amount for Genting to be donating in the first quarter, and has significantly affected its final profits.
For the first quarter of this year, Genting made a pre-tax profit of RM967.6 million. If not for the donation, this would have been RM190 million or 20 percent higher at RM1157.6 million.
Analysts were puzzled that the Genting group made such a huge donation, and that too spread out over several companies, in just one quarter, significantly impacting its bottomline.
They speculated that the so-called donations could be election-related, using charities as fronts. It is normally unthinkable that such large contributions were made to charities, one analyst said. Genting officials were not available for comment.
Industry sources said that other companies may have made similar “donations”.
It was not clear to whom the Genting donations were made but analyst reports said Genting-linked company, Genting Plantations, made a donation of RM35 million to Yayasan Gemilang 1Malaysia, a foundation whose purpose has yet to be released publicly, although it is said to be concerned with the eradication of poverty.
A search on the Internet produced no results for Yayasan Gemilang but analysts pointed out the use of the term 1Malaysia as something that could be linked to the government and possibly a “charity” associated with the general election. This could not be confirmed, however.
Go to KiniBiz for more .
For more news and views that matter, subscribe and support independent media for only RM0.36 sen a day:Subscribe now
Keep Malaysiakini independent!
Malaysiakini will be 18 this year. That we’ve survived this long is because of you.
Your support matters. A lot. Especially those who pay RM150 annually, RM288 biennially or RM388 triennially to keep Malaysiakini independent from government influence and corporate interests. Advertising alone will not keep Malaysiakini afloat.
Together, we’ve gone far. We’ve covered three prime ministers, four general elections, five Bersih rallies, and countless scandals. But the journey continues.
Help us deliver news and views that matter to Malaysians. Help us make a difference for Malaysia.