NSE Resources Sdn Bhd, the company that had allegedly been granted a RM100 million grant by the Science, Technology and Innovation Ministry (Mosti) upon recommendation by the prime minister, will earn RM68 million when its steam boiler plant project is fully under way, PKR’s Rafizi Ramli said today.

Rafizi, who has been exposing the award of this grant consistently over the past couple of months, questioned why the government is handing the company such a huge grant for a commercial project that will give the company steady annual profits.

“The cost of the project is RM130 million. But the company will earn RM68 million a year in 2015 when the project is fully in operation, and this will increase to RM78 million a year by 2023. The net profit a year will be RM27 million and will reach RM31 million by 2023,” Rafizi said in a press conference at the Parliament lobby today.

“I demand the prime minister explain how he and the minister can approve a grant for RM100 million in order to fund a commercial project, for which the profit will only benefit cronies,” he added.

He said that the company will reap profits without having to fork out huge capital for its project, as it is funded by a government grant, which they are not required to pay back.

Rafizi has previously said that the individual heading the company had received other grants from the federal government and had said that he would expose more on the matter soon.