DAP’s Serdang MP Ong Kian Ming has questioned if ministry of finance-owned company, Pembinaan PFI, is "hiding" further growth in its already large liabilities.

Ong said suspicions arise as PFI is five months late in filing its financial statements for 2013.

"PFI tabled its company accounts for financial year 2011 on the June 29, 2012 and for financial year 2012 on June 28, 2013.

"When I last checked on Nov 11, 2014, PFI had not filed its company accounts for FY 2013 which means that it is almost 5 months late in filing its accounts.

"Is PFI trying to hide another massive growth in its liabilities in FY 2013? Is it following the footsteps of other ministry of finance-owned companies such as SRC International and 1Malaysia Development Bhd and its subsidiaries in not filing their company accounts on time?" he asked.

He said the late filing is more concerning given the PFI’s "worrying" liability growth rate.

"(At) the end of financial year 2011, PFI’s liabilities stood at RM19.9 billion.

"At the end of financial year 2012, PFI’s liabilities had grown to RM27.9 billion, an increase of RM8 billion in just one year."

Third behind Petronas, Khazanah

Citing the 2013 Auditor-General’s Report, he said, makes PFI the third highest the third government-owned company with the highest liabilities after Petronas and Khazanah.

He also cited the company’s financial statements filed with the Companies’ Commission of Malaysia.

"I call upon the ministry of finance to issue a statement to explain why Pembinaan PFI Sdn Bhd’s company accounts for financial year 2013 have not been filed and also to explain why government development expenditure is being channelled via this little known entity."

Yesterday, Ong alleged that the ministry of finance was paying rent for land that it owned, through the same company.

He also questioned if the government is trying to hide RM27 billion in spending by disbursing the sizeable funds to this company.

He said there is lack of transparency in the company's spending, considering the large sum allocated to it.

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