: Two Melaka government-owned subsidiaries, namely Pengurusan Rumah Pangsa Negeri Melaka Sdn Bhd under Melaka Trust Fund and Kumpulan Melaka Berhad under Melaka Chief Minister Incorporated, have been found to be unsatisfactorily managed in 2018, according to the Auditor-General’s Report.
“The financial position of Pangsamas was quite unstable with pre-tax losses recorded for three consecutive years, namely RM305,863 in 2016, RM129,012 and RM156,439 , besides cash equivalents declining by RM320,600 or 24% in 2018, compared to 2017,” the report said. For KMB, the report said the corporate governance practice was found to be satisfactory and needs to be improved, especially in the aspects of chairman, the board of directors, company’s secretary and audit committee.