Audit Department Concludes Only Four Mof Inc Companies Financially Sound




An audit by the National Audit Department (NAD) on 47 Minister of Finance Incorporated (MOF Inc) companies found that only four were financially sound, 33 stable and 10 unstable
The four are Petroliam Nasional Bhd (Petronas), Prokhas Sdn Bhd, MyCreative Ventures Sdn Bhd and Syarikat Jaminan Kredit Perumahan Bhd
According to the NAD, the rise in financial liability of MOF Inc companies in 2018 compared to 2016 showed their dependence on debts/loans
"Other than that, contingent liabilities were high at RM13.178 billion," the NAD said in the 2018 auditor-general's report series 2 released today

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 (54.2 percent) at less than one, which is an indicator that they needed financial assistance from the government
A financial analysis and monitoring of the MOF Inc companies also found that the ratio of returns on equity was less satisfactory with 47 companies (97.9 per cent) recording a return of less than one
The NAD said the use of 41.2 percent 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
"The use of sukuk/bonds by the MOF Inc companies was also less satisfactory with 33 per cent being utilised to sustain the redemption of matured sukuk, to repay loans, as well as sukuk profit/ loans at RM23.097 billion
"The rise in the issuance of sukuk/bonds in 2018 totalling RM12.040 billion to finance infrastructure projects also showed the government’s financial position was limited,” it said
- Bernama

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