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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Audit department concludes only four MOF Inc companies financially soundThe four are Petronas, Prokhas Sdn Bhd, MyCreative Ventures Sdn Bhd and Syarikat Jaminan Kredit Perumahan Bhd. Hundreds of billions 'invested' top monkeys sapu all monies... salary allowance and pensions... not to mention MPs or ADUNs sitting in BOD That's not good. Not good at all!
Source: malaysiakini - 🏆 20. / 51 Read more »
Only 4 MoF Inc companies financially sound, audit finds | The Malaysian InsightThey are Petronas, Prokhas Sdn Bhd, MyCreative Ventures Sdn Bhd and Syarikat Jaminan Kredit Perumahan Bhd.
Source: msianinsight - 🏆 8. / 63 Read more »
Audit department concludes only four MOF Inc companies financially soundThe four are Petronas, Prokhas Sdn Bhd, MyCreative Ventures Sdn Bhd and Syarikat Jaminan Kredit Perumahan Bhd. Hundreds of billions 'invested' top monkeys sapu all monies... salary allowance and pensions... not to mention MPs or ADUNs sitting in BOD That's not good. Not good at all!
Source: malaysiakini - 🏆 20. / 51 Read more »
Only 4 MoF Inc companies financially sound, audit finds | The Malaysian InsightThey are Petronas, Prokhas Sdn Bhd, MyCreative Ventures Sdn Bhd and Syarikat Jaminan Kredit Perumahan Bhd.
Source: msianinsight - 🏆 8. / 63 Read more »
Bursa Malaysia ruling hinders govt plan to take over toll companies, says report | The Malaysian InsightBourse has forbidden Gamuda Bhd and Permodalan Nasional Bhd from voting on deal, says Singapore's Straits Times.
Source: msianinsight - 🏆 8. / 63 Read more »