Yayasan Selangor: RM500m missing under BN

(The Malaysian Insider) – he general manager of Yayasan Selangor today alleged that RM500 million in foundation assets had gone missing under the previous Barisan Nasional (BN) state government.

“Our studies show that from 1991 to 2008 there were leakages of RM500 million from Yayasan Selangor,” Ilham Marzuki (picture) told a select panel formed by the Pakatan Rakyat (PR) administration that replaced the BN.

“If not, our assets would have been RM800 million.”

Selangor’s Select Committee on Competency, Accountability and Transparency (Selcat) is holding a public hearing that kicked off yesterday to inquire into sand-mining irregularities involving the state’s sole sand-mining concessionaire, Kumpulan Semesta Sdn Bhd (KSSB), Yayasan Selangor and independent firm PKPS Agro Industri Sdn Bhd.

Ilham said the state education welfare body currently holds RM300 million worth of fixed assets and RM50 million in cash deposits.

He called upon the state government and Selcat to assist the foundation in auditing Yayasan Selangor for the period between 1991 and 2008 to detect the source of the leakages.

Ilham said Yayasan Selangor had reported the leakages to the Malaysian Anti-Corruption Commission (MACC) but no action had been taken.

“We have reported to the MACC but no follow-up as yet. There are boxes of documents on the matter in my office. Every day I go into my office I see leakages,” he said.

This prompted Selangor Speaker Datuk Teng Chang Khim, who leads the panel, to point out that it was the responsibility of the foundation to appoint independent auditors to audit its accounts if it was aware of any leakages.

Teng suggested Yayasan Selangor use its own internal audit unit for the task.