An audit by the National Audit Department on 47 Minister of Finance Incorporated companies found that only four were financially sound, 33 stable and 10 unstable.
According to the NAD, the rise in financial liability of MOF Inc companies in 2018 compared to 2016 showed their dependence on debts/loans. The valuation on the financial position of those companies with a majority equity holding by the government from 2016-2018 found the cash flow ratio of 26 companies at less than one, which is an indicator that they needed financial assistance from the government.
That's not good. Not good at all!
top monkeys sapu all monies... salary allowance and pensions... not to mention MPs or ADUNs sitting in BOD
Hundreds of billions 'invested'
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