Latest news with #GLCs
Free Malaysia Today
a day ago
- Business
- Free Malaysia Today
Govt to set up special task force to address financial irregularities
Prime Minister Anwar Ibrahim said the decision to set up the task force was made during the special Cabinet committee on national governance meeting today. (Facebook pic) PETALING JAYA : The government will be establishing a special task force to address financial irregularities, Prime Minister Anwar Ibrahim announced today. Anwar, who is also finance minister, said the decision to set up the task force was made during the special Cabinet committee on national governance meeting today. 'As part of efforts to strengthen the role of the national audit department through amendments to the Audit Act 1957, the meeting agreed to establish a task force to address serious irregularities,' he said in a Facebook post. During the meeting, he stressed the importance of addressing audit findings related to financial irregularities that could undermine the country's fiscal management. He said the new task force will ensure that follow-up actions are more holistic, targeted and have high impact, in keeping with the principles of accountability, transparency and integrity. Last month, Auditor-General Wan Suraya Wan Radzi said the amended Audit Act, which came into force last year, empowers the department to conduct audits on 1,856 GLCs. She was quoted as saying the amendment expands the department's scope, thereby strengthening the government's oversight of governance and financial management within GLCs. The changes include the expansion of the auditor-general's powers to include audits of entities receiving government financial guarantees, by introducing the 'follow the public money' audit approach. Wan Suraya said, moving forward, all GLCs would be held accountable for any irregularities identified in the auditor-general's report. She highlighted that the committee responsible for following up on actions taken based on the auditor-general's report had uncovered several instances of leakages in state and federal financial statements, which are now in the process of being recovered. She added that beyond the recovery of public funds, the audit process aims to determine whether serious irregularities, governance lapses or systemic failures have occurred.
Borneo Post
27-05-2025
- Business
- Borneo Post
New Sabah policy mandates local accounting firms for govt contracts under RM50,000
Masidi (ninth from right) receiving a memento from Tan after presenting the first batch of SAPA members with their certificates of membership. KOTA KINABALU (May 27): The Sabah Government has introduced a new policy to strengthen local economic participation in the procurement of audit and financial services by state statutory bodies (BBN) and government-linked companies (GLCs). The move prioritises the engagement of accounting firms domiciled in Sabah, thereby keeping economic value within the state and is a significant step forward in the state's commitment to empower homegrown professionals and enhance the competitiveness of Sabah's accounting sector. 'This policy is not just about procurement – it is about securing opportunities for Sabahans. 'We want our young accounting graduates to thrive in their home state, and for our economic growth to be driven by local expertise. 'We are sending a clear message: Sabah is ready to nurture and grow its professional class, especially in fields like accounting and finance, which are vital to good governance and economic development,' said Datuk Seri Masidi Manjun, the Minister of Finance Sabah. Under the new guidelines, all audit and financial services contracts below RM50,000 are to be awarded exclusively to Sabah-based firms registered with the Sabah Association of Professional Accountants (SAPA). Priority must still be given to local firms for contracts exceeding RM50,000, with limited exceptions allowed upon written justification to the Ministry. In a courtesy call to the Minister of Finance on Tuesday, SAPA expressed its appreciation to the State Government for introducing this initiative. The association believes this will significantly improve employment and training opportunities for local professionals. 'We thank the honourable minister and the Sabah Government for this visionary policy. 'It represents a pivotal shift towards inclusive development and shows a genuine commitment to the future of Sabah's professional ecosystem,' said SAPA president Datuk Tan Kok Liang. During the meeting, Masidi also presented membership certificates to SAPA's first batch of 15 new members, symbolising the government's support for the growth of a strong and professional accounting community in Sabah.
Borneo Post
26-05-2025
- Business
- Borneo Post
Warisan calls for Cabinet White Paper on underperforming GLCs
Loretto KOTA KINABALU (May 26): Parti Warisan has called for greater transparency and accountability in the management of government-linked companies (GLCs) and state agencies in Sabah, proposing the tabling of a Cabinet White Paper in the State Legislative Assembly if given the mandate to govern. Warisan Secretary-General Datuk Loretto Padua Jr. said the party is aware of growing discussions among stakeholders regarding the underperformance of Sabah's GLCs, which have failed to meet the objectives for which they were established. 'We welcome any effort to improve and enhance the performance of GLCs in Sabah because they have a responsibility to assist the State Government. This includes contributing through annual dividend payments and helping stimulate economic activities in the state,' he said in a statement today. However, he stressed that meaningful reform must begin with transparency. 'Before any form of empowerment is introduced, the government should issue a Cabinet White Paper on underperforming GLCs and problematic state agencies, and table it at the State Legislative Assembly,' he said. Loretto explained that such a move would allow the people of Sabah including NGOs, students, academics, economists, business associations and the general public to understand the real reasons behind the failures of these entities, and the corrective measures that will be taken. 'Transparency is important because the best watchdogs in this state are the people of Sabah themselves not those appointed by the Chief Minister from the ruling party or coalition,' he added. He also said that the presentation of a White Paper would demonstrate the government's genuine commitment to reform, aligning with the findings of the National Audit Department as highlighted in the annual Sabah Audit Report. 'It must not be a matter of issuing statement after statement to cover up poor governance,' said Loretto. He further called for the National Audit Committee to investigate troubled GLCs to prevent ongoing financial leakages. 'Given the current economic challenges, the government must practise prudent spending, and all unnecessary overseas trips should be stopped immediately.' Loretto outlined that if Warisan returns to power, it would table the Cabinet White Paper within six months, covering key issues including: · RM5 billion in non-performing loans borne by Sabah Development Bank (SDB) and the existence of 'creative accounting' practices; · The cancellation of land concessions previously held by Sabah Forest Industries (SFI), now awarded to three Peninsular Malaysia-based companies; · The worsening water and electricity supply crises in Sabah, including alleged overcharging by water lorry contractors; · The RM1.2 billion debt bailout of Sabah International Petroleum (SIP) through the issuance of RM900 million Sukuk Wakalah by SMJ Energy Sdn. Bhd.; and · Other matters raised by Warisan and the opposition that remain unanswered by the current GRS/PH administration.
The Star
26-05-2025
- Business
- The Star
Warisan calls for White Paper, audit on Sabah GLCs
KOTA KINABALU: Warisan is urging the Sabah government to table a Cabinet-level White Paper to address the underperformance of several government-linked companies (GLCs) and state agencies in Sabah. Warisan secretary-general Datuk Loretto Padua Jr the White Paper would allow concerned Sabahans to know what led to the underperformance and what the state government plans to do about it. He added that transparency is needed, saying: "The best watchdogs in this state are the people of Sabah themselves, not those appointed by the Chief Minister from the ruling party or coalition." "Prudent spending must be emphasised and all unnecessary overseas trips must be stopped immediately," he said in a statement on Monday (May 26) adding that if Warisan was given the mandate to govern, they would table a White Paper in the State Assembly within six months. He said the White Paper would address matters such as the RM5bil in non-performing loans at Sabah Development Bank and its use of "creative accounting"; the cancellation of Sabah Forest Industries concession land and its reallocation to peninsula-based companies; the water and electricity supply crises including exorbitant charges by private tanker contractors; and the RM1.2bil bailout of Sabah International Petroleum via a RM900mil Sukuk Wakalah issuance by SMJ Energy Sdn Bhd. It would also cover unresolved GLC-related issues previously raised by Warisan and other Opposition parties, which Loretto said were never addressed by GRS-Pakatan Harapan in the state assembly. He also said Warisan would also push for detailed investigations by the National Audit Committee into all problematic state agencies and GLCs. "I believe that a Cabinet White Paper and National Audit Committee investigations are the first steps towards improving the performance of GLCs and state agencies," he said.
Daily Express
25-05-2025
- Business
- Daily Express
Action being taken on sick GLCs
Published on: Sunday, May 25, 2025 Published on: Sun, May 25, 2025 Text Size: Julita said not all State-linked firms are underperforming, citing several that have delivered dividends, jobs and investment opportunities. Kota Kinabalu: The Sabah Government has rolled out a series of reforms to improve governance and performance of government-linked companies (GLCs) and statutory bodies. Assistant Finance Minister Datuk Julita Majungki said the measures reflect the State's commitment to ensuring accountability and maximising the impact of its corporate entities. The reforms come amid criticism from former Sabah Law Society President Datuk Roger Chin, who alleged political interference in loss-making GLCs. Julita said not all State-linked firms are underperforming, citing several that have delivered dividends, jobs and investment opportunities. As part of ongoing improvements, the State is restructuring major GLCs like Sedco and Qhazanah Sabah Berhad, appointing new leaders to drive recovery and accountability. 'The goal is to optimise resources and focus on ventures that truly benefit Sabah's economy,' she said. Advertisement Sabah currently oversees 27 holding companies and 22 statutory bodies in key sectors like plantations, energy and property development, supported by a network of around 250 subsidiaries. To streamline operations, the Government has introduced stricter policies, including vetting board appointments, reassessing business models and tightening financial monitoring. A major new rule requires all joint venture deals involving State-linked firms to undergo review by the State Attorney-General's Office and the Finance Ministry before Cabinet approval, a move designed to protect public interests. A dedicated GLC Monitoring Committee, co-led by top finance officials, has also been formed to identify governance gaps and recommend corrective actions for underperforming firms. Some inactive GLCs are being restructured or shut down to cut losses. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
