Imapro Sdn Bhd : a piggy bank for whom? (Negeri Sembilan)

A year ago, YB Loke Siew Fook mentioned about a dodgy deal uncovered by the Auditor General of Malaysia. A company called Syarikat Imapro Sdn Bhd borrowed some RM8.46 million for reasons unclear to the public and has not been repaying the state coffers since 2004.

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http://www.dapmalaysia.org/english/2009/nov09/bul/bul3985.htm

Ucapan Perbahasan Bajet Negeri Sembilan 2010 oleh Loke Siew Fook di DUN Negeri Sembilan pada Rabu, 25 November 2009:

Selain itu, saya juga ingin membangkitkan satu lagi persoalan mengenai “Pinjaman yang boleh dituntut” oleh Kerajaan Negeri seperti yang dilaporkan dalam Laporan Ketua Audit Negara untuk Penyata Kewangan Kerajaan Negeri Sembilan tahun 2008. Laporan Audit tersebut menyatakan bahawa terdapat sebuah badan yang bernama Syarikat Imapro Sdn Bhd yang masih berhutang kepada Kerajaan Negeri sebanyak RM8.64 juta. Yang menjadi persoalan ialah syarikat ini langsung tidak pernah membayar balik hutangnya kepada Kerajaan Negeri dari tahun 2004

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Per page 30 of the 2008 AG's report:
Bagaimanapun, dua Agensi iaitu Majlis Perbandaran Seremban dan Syarikat Imapro
Sdn. Bhd. tidak membuat bayaran balik pinjaman bagi tahun 2004 hingga 2008.



A year older and a year wiser, what has the Barisan Nasional state government of Negeri Sembilan Darul Khusus done about this?

Well, according to the state financial statements, the purpose of the loan was "Membiayai Pembelian Tanah Bagi Penempatan Khinzir 2/1998", the tenure of the original RM22 million was 10 years and interest free. In 2009, RM345K was repaid hence RM8.3 million was still outstanding so it's a RM345K speech by YB Loke.

So who are the people behind Syarikat Imapro Sdn Bhd? A visit to the Suruhanjaya Syarikat Malaysia will do nicely.

Well, firstly the registered name is Imapro Sdn Bhd, not Syarikat Imapro Sdn Bhd, so perhaps the AG might want to consider revising the name slightly.

The business address is Pejabat Kewangan Negeri, Negeri Sembilan, so asking for repayment probably involve a walk accross the office space.

One of the directors is Dato' Mat Ali bin Hassan, probably the State Secretary (see extract of a mundane report below), who was appointed 30 April 2009 - some 6/7 months before YB Loke's speech. Menteri Besar Dato' Mohd bin Hassan might have a say in his appointment.

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http://www.ns.gov.my/daerah/jelebu/

Lawatan Kerja YB. Dato Setiausaha Kerajaan Negeri Ke Pejabat Daerah dan Tanah Jelebu

04 Mei 2010 (Selasa) - YB. Dato' Hj.Mat Ali Bin Hassan, Setiausaha Kerajaan Negeri Sembilan Darul Khusus, bersama rombongan pegawai pengiring telah mengadakan lawatan kerja ke Pejabat Daerah dan Tanah Jelebu.

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Imapro Sdn Bhd is actually a RM2 company owned by Menteri Besar Incorporated

A glance at the summary financial information below suggest the following:

1) Total current and non-current liabilities is about RM9.4 million, probably consist of the loan from the state plus some other bank loans;

2) Current assets amounting to RM10.9 million. Now if the current assets is mainly cash then it should have the capacity to repay promptly. If, however, the current assets is mainly receivables then the money has been taken out from the companyand one would be interested to know how long the receivable is outstanding.

Whatever it is, some one is keeping the money that is supposed to be returned to the people of Negeri Sembilan with the state treasury as trustee.

Imapro Sdn Bhd is not suppose to be a piggy bank. The company is listed as investment holding in the SSM report, more likely a debt holding company rather.

3) the reserves of RM1.7 million suggested the company has made a profit before. Another blogger has stated some transactions involving Imapro Sdn Bhd here.

4) current year zero revenue and RM4K loss after tax suggest the company is now dormant. the only way for it to repay the state government now is for the State Secretary as the director to recover the money from the debtors and return the money to state coffers for public benefit.

5) one wonders why an interest-free loan was given to Imapro Sdn Bhd which alsodid not pledge any security to the state government. Did being owned by the Menteri Besar Incorporated meant entitlement to preferential treatment?

Page 32 of the 2008 Auditor General's report perhaps give an indication as to how business is being conducted between the MB and the state government

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4.8.2 Pelaburan
Pelaburan saham oleh Kerajaan Negeri melalui perbelanjaan mengurus ditunjukkan di Penyata Akaun Memorandum Pelaburan. Pada akhir tahun 2008, pelaburan saham di Penyata Akaun Memorandum berkurang sejumlah RM0.32 juta atau 4.8% kepada RM6.30 juta berbanding RM6.62 juta pada tahun 2007. Penurunan ini antaranya adalah disebabkan oleh Lain-lain Pelaburan berjumlah RM1.82 juta yang merupakan pelaburan oleh Menteri Besar Incoporated telah dikeluarkan daripada Penyata Akaun Memorandum. Pelaburan tersebut diuruskan oleh Menteri Besar Incorporated secara berasingan. Semua hasil pelaburan yang diperolehi tidak diperakaunkan sebagai hasil Kerajaan Negeri.

courtesy of P116