The Auditor-General’s Report says the companies owned by MoF Inc are financially weak and dependent on government assistance.
The report said the financial liability of MoF Inc companies had risen in 2018 compared to 2016, which 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.
The report said the use of 41.2% of government funds to repay loans to the government, including the change of loans to equity, showed the weak financial position of the companies and their continued dependence on government assistance.
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