Mara Inc needs to review its objectives and the implementation of its core property management activities, says the national audit department.
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https://www.freemalaysiatoday.com/category/nation/2024/07/04/mara-inc-on-shaky-financial-footing-a-gs-report-says/
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https://www.freemalaysiatoday.com/category/nation/2024/07/04/mara-inc-on-shaky-financial-footing-a-gs-report-says/
Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.
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NewsTranscript
00:00Government-linked company Mara Inc. has incurred 286.3 million ringgit in losses due to inefficient
00:09business activities, according to the National Audit Department.
00:13The 2024 Auditor General's report revealed that Mara Inc.'s loan arrears have affected
00:18its net current liabilities position, preventing dividend payments to shareholders since its
00:23establishment in 2014.
00:25The company manages three local properties and six overseas properties, reporting an
00:29equity deficit of 115.73 million ringgit and current liabilities of 234.96 million
00:36ringgit.
00:37Mara Inc. also holds direct equity stakes in five subsidiaries but saw its investments
00:42suffer an 87.18 million ringgit impairment, a 54.8% decline in total value.
00:48Despite its goal of empowering the Bumiputra economy, the report said Mara Inc. has been
00:53unsatisfactory in returns and called for a review of its objectives and core property
00:57management activities.
00:59The report recommended that the Rural and Regional Development Ministry and Mara, the
01:03government agency, increase monitoring of subsidiaries like Mara Corp. and Mara Inc.
01:09Dhanesh Rajareza, FMT News.