With a RM30bil debt, is Pembinaan PFI 1MDB 2.0?

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KINIBIZ Most eyes are on the sudden change of guard at controversial state investment fund 1Malaysia Development Bhd (1MDB) earlier this week but another issue of similar weight (if not more worrying) with debts of RM30 billion brews closer to the federal government’s home in Putrajaya.

At the turn of the new year, the customary six-month deadline for Pembinaan PFI Sdn Bhd, a company wholly owned by the Finance Ministry, to submit its annual audited accounts for the 2014 financial year ended Dec 31, 2014 (FY14) began ticking as the company needs to file the accounts by June 30 this year.

This deadline is set by Section 169 of the Companies Act 1965 and applies to all companies registered with the Companies Commission of Malaysia (CCM), which falls under the Domestic Trade, Co-operatives and Consumerism Ministry.

But Pembinaan PFI had not even submitted the previous annual audited accounts , which was for FY13 ended Dec 31, 2013. This set of accounts would have been due by June 30, 2014 at the latest according to Section 169, which means Pembinaan PFI had missed the deadline by six months and counting.

It is absurd. What message does it send when a government-owned company fails to adhere to the law of the land, enforced by an arm of the same government, for something that should be a matter of course?

For the full story go to KiniBiz .

This story was written by Khairie Hisyam.



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