Zahid: Mara Inc to ensure no repeat of RM286.3m loss highlighted in audit report

The Rural and Regional Development Ministry will resolve the RM286.30 million loss of Mara Incorporated Sdn Bhd highlighted in the Auditor-General's Report and ensure it does not recur, said Deputy Prime Minister Ahmad Zahid Hamidi.

Zahid, who is also rural and regional development minister, said although the process of recovering these losses will take some time, he will ensure there is no breach of trust, misappropriation, or abuse of power within Mara’s subsidiaries.

“The losses of MARA Inc have been occurring since 2012 and I will find ways to resolve this issue now to prevent it from recurring.

“We are not looking to place blame but the reported losses were due to bad and excessive investments because several assets purchased abroad exceeded market prices,” he told reporters after officiating the Madani 1.0 Youth Career and Sports Carnival at Sekolah Kebangsaan Sultan Ibrahim 1 in Pasir Mas today.

Yesterday, Mara director-general Azhar Abdul Manaf said the accumulated losses from 2012 to 2022 partly involved the purchase of assets abroad, particularly in Australia and the United Kingdom between 2012 and 2014.

According to the Auditor-General’s Report Series 2/2024 tabled in Dewan Rakyat on Thursday, the total accumulated losses borne by Mara Inc decreased by 3.8 percent from RM297.63 million in 2021 to RM286.30 million in 2022.

This reduction was contributed by the improved financial performance of the group, which recorded a pre-tax profit of RM11.67 million for the year 2022.

- Bernama

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