Latest news with #AccountantGeneral'sDepartmentofMalaysia
The Star
23-05-2025
- Business
- The Star
Trading ideas: Mesiniaga, Gas Malaysia, Uzma, CelcomDigi, YTL Power, KLK, UEM Sunrise, Bumi Armada, Batu Kawan, DRB-Hicom, DLMI, Prolintas, Press Metal, Cahya Mata
KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia. Mesiniaga Bhd has secured a RM251.9mn contract from the Ministry of Finance for maintenance and infrastructure support services for the Integrated Government Financial and Management Accounting System of the Accountant General's Department of Malaysia. Gas Malaysia Bhd has launched Malaysia's first centralised biomethane injection station in a landmark effort to drive the growth of renewable energy. Uzma Bhd has announced that it has secured Malaysia's remote sensing satellite project that spans over eight years. In 1QFY25, CelcomDigi Bhd posted a net profit of RM383.8mn, up from RM376.5mn in the year-ago quarter, which translated to an earnings per share of 3.3 sen from 3.2 sen previously. YTL Power International Bhd recorded a lower net profit of RM489.4mn for 3QFY25, from RM698.7mn in the same quarter last year, mainly due to weaker power generation margins and foreign exchange losses. Kuala Lumpur Kepong Bhd posted a 31.8% jump in net profit to RM154.3mn for 2QFY25, from RM117.1mn a year ago, on improved plantation profit. UEM Sunrise reported a 150.5% YoY surge in net profit for 1QFY25 to RM417.6mn from RM225mn supported by higher revenue and lower finance costs. Bumi Armada Bhd 's 1QFY25 net profit fell to RM182.8mn from RM240.5mn, while revenue shrank to RM474mn from RM635.5mn in the year-ago quarter due to reduced contributions from two of its floating production storage and offloading vessels. Batu Kawan Bhd 's 2QFY25 net profit witnessed a 3.7% YoY increase to RM87.9mn from RM84.7mn, carried by higher palm product prices, offset by lower sales volume and fair value loss on unharvested oil palm. DRB-Hicom Bhd recorded an 80.6% YoY decline in net profit for 1QFY25 to RM17.7mn from RM91.5mn in the same period last year due to reduced revenue across major segments, coupled with higher depreciation and amortisation expenses. Dutch Lady Milk Industries Bhd reported a 6.1% YoY decline in 1QFY25 to RM25mn from RM26.7mn, on lower operating profit. Prolintas Infra Business Trust posted a 70.5% rise in net profit to RM3.6mn for the 1QFY25 from RM2.1mn a year ago, supported by increased toll revenue. Press Metal Aluminium Holdings Bhd's net profit for 1QFY25 rose by 13.2% to RM461.8mn from RM408.0mn in the same period last year, mainly due to higher metal prices and stronger profit contribution from associated companies. Cahya Mata Sarawak Bhd net profit fell 33.8% YoY to RM25.3mn in 1QFY25 from RM38.3mn, dragged by unfavourable foreign exchange, and lower contribution from associates and joint ventures.
The Sun
19-05-2025
- Business
- The Sun
AGD uncovers RM10.4 million fraud at federal department
KUALA LUMPUR: The Accountant General's Department of Malaysia (AGD) has uncovered a case of financial fraud involving a federal department, resulting in losses of amounting to RM10.4 million. Accountant General Nor Yati Ahmad said the case, which involved public servants, is among several identified between 2019 and 2024, with total losses estimated at RM18 million. 'Enforcement action has already been taken in connection with the case,' she told a press conference after the launch of the Accounting Fraud Task Force (KKFP) here today. Also present at the launch were Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Azam Baki and Auditor General Datuk Seri Wan Suraya Wan Mohd Radzi. Nor Yati said the fraud involved manipulation of financial systems and unauthorised changes to accounting procedures. She said the AGD is now taking proactive steps by using digital tools to analyse financial data and identify suspicious transactions or early warning signs. 'We're no longer relying solely on third-party reports. Technology-driven monitoring has become part of our standard operations and will continue to be strengthened,' she said. Meanwhile, in her speech, Nor Yati highlighted the increasing complexity of public sector accounting due to rapid technological and socio-economic developments, which require stronger collaboration across agencies. She said the establishment of KKFP aligns with the Madani government's focus on integrity and good governance, and is expected to enhance fraud prevention efforts in the public sector. 'The AGD is fully committed to supporting KKFP through strategic collaboration with relevant agencies. 'With collective efforts and the sharing of best practices, we can significantly improve the detection and prevention of financial fraud,' she added.
The Sun
19-05-2025
- Business
- The Sun
AGD uncovers RM10.4 million fraud at Malaysian office in London
KUALA LUMPUR: The Accountant General's Department of Malaysia (AGD) has uncovered a case of financial fraud involving a Malaysian government office in London, resulting in losses of amounting to RM10.4 million. Accountant General Nor Yati Ahmad said the case, which involved public servants, is among several identified between 2019 and 2024, with total losses estimated at RM18 million. 'Enforcement action has already been taken in connection with the London case,' she told a press conference after the launch of the Accounting Fraud Task Force (KKFP) here today. Also present at the launch were Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Azam Baki and Auditor General Datuk Seri Wan Suraya Wan Mohd Radzi. Nor Yati said the fraud involved manipulation of financial systems and unauthorised changes to accounting procedures. She said the AGD is now taking proactive steps by using digital tools to analyse financial data and identify suspicious transactions or early warning signs. 'We're no longer relying solely on third-party reports. Technology-driven monitoring has become part of our standard operations and will continue to be strengthened,' she said. Meanwhile, in her speech, Nor Yati highlighted the increasing complexity of public sector accounting due to rapid technological and socio-economic developments, which require stronger collaboration across agencies. She said the establishment of KKFP aligns with the Madani government's focus on integrity and good governance, and is expected to enhance fraud prevention efforts in the public sector. 'The AGD is fully committed to supporting KKFP through strategic collaboration with relevant agencies. 'With collective efforts and the sharing of best practices, we can significantly improve the detection and prevention of financial fraud,' she added.
New Straits Times
17-05-2025
- Business
- New Straits Times
RM13.3 billion in unclaimed money recorded as of April, says Accountant General
BATU PAHAT: A total of RM13.3 billion in unclaimed money was recorded by the Accountant General's Department until last April. Accountant General Nor Yati Ahmad said that since the establishment of the unclaimed money system in 1977, only about RM4 billion has been claimed by rightful owners or their heirs. She said this situation likely occurred because many individuals or their heirs were either unaware that they had unclaimed money records or had never taken the initiative to check with the Accountant General's Department of Malaysia. "They can actually check or submit a claim application via the official portal or eGumis application and go to our branches in each state. "We will also continue to intensify promotions and field activities to publicise the existence of this unclaimed money because it can only be issued by the owner or heir," she told reporters after opening the Kampung Angkat Madani (KAM) and Santuni Madani Programme at SK Minyak Beku, here, today. Meanwhile, speaking about the KAM programme, she said that various activities were organised to support the local community and implement development projects, particularly those involving infrastructure improvements. He explained that in addition to the unclaimed money system counter, opened in collaboration with Bank Rakyat for the opening of children's savings accounts with a RM20 incentive per account, several other community-focused activities were also carried out. "Among the physical development projects were upgrading water supply pipelines, repairing Islamic halls, constructing cemetery fences, enhancing funeral management facilities, and handing over a funeral van," she said. She said the KAM programme aims to bridge the development gap between rural and urban areas by improving essential infrastructure, community facilities, and ensuring internet access is not overlooked. She noted that the implementation of KAM in Johor marks the second such initiative after its successful rollout in Kampung Lubuk Antu, Sarawak, last year.
The Sun
06-05-2025
- Business
- The Sun
Avoid year-end spending sprees in civil service - Chief Secretary to govt
PUTRAJAYA: The practice of hasty end-of-year spending in the civil service, which often leads to waste of resources, must be avoided entirely, said Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar. He said poor expenditure management not only undermines the efficient use of resources but also risks creating negative perceptions about the government's integrity and governance. He added that although the Auditor-General's Report (LKAN) continues to raise issues on the government's financial management, misappropriation and wastage of public funds still occur. 'If left unaddressed, this issue could become increasingly complex and, without firm solutions, it will affect the credibility and public perception of civil servants in general,' he said in his speech at the opening of the 2025 Management Accounting Seminar organised by the Accountant General's Department of Malaysia (AGD), here today. The text of his speech was read out by Auditor-General Datuk Seri Wan Suraya Wan Mohd Radzi. Shamsul Azri stressed that civil servants must ensure that transparency, integrity, and accountability remain central to the principles of governance and ethics. He said the MADANI government is focused on optimising public spending by reviewing expenditure policies and the allocation of limited resources to ensure efficiency, effectiveness and value for money. 'Continuing to implement policies geared towards targeted subsidies allows the government to reduce wastage and leakage while creating fiscal space to improve assistance for vulnerable groups,' he said. He added that the government has also taken a positive step forward by amending the Audit Act 1957, which will enhance audit scope in relation to public fund management. This effort also ensures that audit recommendations are taken seriously and acted upon appropriately by all parties, including ministries, departments, agencies, and any entities or companies receiving public funds. Shamsul Azri said the AGD, as the lead agency for management accounting across ministries, has introduced the Treasury Circular PS 1.3 - Implementation of Management Accounting. He said the circular outlines the policy and implementation of management accounting via the introduction of Strategic Management Accounting and Reporting (SMARt). 'This initiative directly enhances the efficiency, effectiveness, and accountability of ministries in managing finances, risks, resources, and performance by ensuring optimal resource utilisation,' he added. As such, Shamsul Azri urged all ministry secretaries-general, who also serve as controlling officers, to ensure the effective implementation of management accounting and SMARt in order to improve transparency and accountability in all financial decisions. 'Civil servants must proactively acquire increasingly complex technical competencies in finance and accounting, while also equipping themselves with non-financial intelligence to improve the effectiveness of management accounting practices in the public sector. 'The adoption of technologies based on big data analytics, artificial intelligence (AI) and smart automation can assist government agencies in collecting, analysing, and interpreting financial information in real time,' he said.
