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The report also found that the board neglected to set up a committee responsible for valuing and monitoring its investments in the companies.
It added that Pempena’s investments in its seven subsidiary companies and 17 associated companies were not presented and discussed with the board prior to approval.“Pempena only informed the board after the investments were made,” it said.
The board in reply said it would report to the Finance or Tourism Ministry to withdraw the Government’s investments from subsidiaries that failed to declare dividends for three consecutive years.
THE Malaysian Tourism Promotion Board has not turned in a single ringgit of profit despite making investments of RM41.9mil since its inception in January 1976.
The Auditor-General’s Report revealed that the ministry’s subsidiary Pembangunan Pelancongan Nasional Sdn Bhd (Pempena) had not done due diligence before making its investments.
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In reply, the Board said it held a Strategic Planning and Direction workshop from Oct 16 to 18 as per the recommendations of the Auditor-General.
In response to the Auditor-General’s Report, Tourism Minister Datuk Seri Dr Ng Yen Yen said yesterday that the ministry had a special committee looking into the losses incurred by the Malaysian Tourism Promotion Board, She said the ministry was aware of all the issues, and was almost at the end to its investigation into the losses.
This is financial mismanagement to go with the total mismanagement of the country by these so-called experts.Tags: Adult Dating, affair dating, sex dating