Where is Y.B. Khir Toyo's RM80 Million?

Further examination of the historical financial record has revealed the misappropriation of resources which has directly denied Yayasan Selangor its revenue generating stream where more than approximately RM500 million was plundered and failed to be recorded in the respective Financial Statement of Yayasan Selangor.

By Yayasan Selangor

Yayasan Selangor is an entity duly registered under the Companies Act 1965 as a Company limited by Guarantee. The Yayasan establishment is unique as it is a hybrid of a Trust and a Company. The State Government of Selangor has incorporated Yayasan Selangor as an economic self-sustaining entity via the injection of resources and initial grants. Yayasan's existence is deemed socially desirable by the State Government in discharging the states’ obligations to assist deserving and needy Selangor students towards betterment of their education.

Being a functioning Bare Trust organisation, Yayasan control of management direction is entrusted to a Board of Trustees which is chaired by the Menteri Besar of the ruling State Government. The Board has a fiduciary duty to discharge to Selangor citizens to ensure that Yayasan’s available resources is protected and enhanced for the designated beneficiaries.

The issue raised is the trustworthiness, integrity and how diligent has the Board of Trustee chaired by Y.B. Dr. Khir Toyo been in discharging their fiduciary responsibilities in managing Yayasan’s available resources towards Yayasan's desirable set of objectives and/or prescribed ways.

The measurement or yardstick used to evaluate the Board of Trustee and Management Team performance and effectiveness are:

1. A Balance Sheet ending as at the end of financial year which in the case of Yayasan Selangor is the calendar year i.e. from the month of January to December of any financial year which discloses the resources available to Yayasan Selangor, then.

2. A Statement of Revenue and Expenditure which discloses the flow of liquid resources for the period from January to December of any Financial Year.

Ergo, we shall let the audited records speak for themselves whether Y.B. Dr. Khir Toyo's statement can be substantiated that he left Yayasan Selangor with a cash surplus of RM80 million.

Following are the extract of the audited balance sheet during Y.B. Dr. Khir Toyo's administration:

As at 31st December Total FD/Cash (RM’m)

2000 10.45

2001 15.24

2002 9.42

2003 11.49

2004 12.60

2005 9.75

2006 9.22
2007 22.47

The present State Government’s Menteri Besar took over the Chairmanship of the Trustee Board from Financial Year 2008 and the result of his administration are as per the extract of the audited Balance Sheet, as follows:

As at 31st December Total FD/Cash (RM’m)

2008 45.55

2009 60.86

2010 57.69

Following are the extract of the audited Income Statements disclosing the result for the period of the respective financial year when Y.B. Dr. Khir Toyo held the Chairmanship of the Board of Trustee:

Period ending 31st December (Deficit) / Surplus (RM’m)
2000 (29.06)
2001 (3.65)
2002 (3.57)
2003 (6.06)
2004 (4.98)
2005 6.93
2006 (8.23)
2007 34.77
Net cumulative Surplus/ (Deficit) (13.85)

The results of the present Chairman administration are as follows:

Period ending 31st December (Deficit) / Surplus (RM’m)
2008 127.60
2009 18.69
2010 (5.09)
Net cumulative Surplus/ (Deficit) 141.20

Assets movement in Year 2008-2010:

Period ending 31st Dec Cost as at 1st Jan (RM’m) Additional (RM’m) Cost as at 31st Dec (RM’m)

2008 196.40 114.12 310.53
2009 310.53 2.30 312.83
2010 312.83 5.92 318.75

Further examination of the historical financial record has revealed the misappropriation of resources which has directly denied Yayasan Selangor its revenue generating stream where more than approximately RM500 million was plundered and failed to be recorded in the respective Financial Statement of Yayasan Selangor. Accordingly this led us to believe that there was a Breach of Fiduciary Duty on the part of the Trust of the Board of Trustee during the period of UMNO Mentris Besar pre-March 2008 including Dr. Khir Toyo's administration and the matter has been reported to MACC for appropriate action.