After sustaining RM11 million in losses, two government-linked companies in Selangor have been sold off and a third has been shut down, a public hearing has heard.
The state Select Committee on Competency, Accountability and Transparency (Selcat) was also told today about three publicly-funded projects undertaken with RM90.3 million in federal loans.
The companies, subsidiaries of the Perbadanan Kemajuan Pertanian Selangor (PKPS), began the projects between 2005 and 2006 with a Finance Ministry loan to develop and commercialise agriculture.
At the time, Abdullah Ahmad Badawi was the prime minister and Selangor was under BN control.
However, the projects have all suffered losses or failed to meet targets which has resulted in heavy losses. This drew the attention of the auditor-general in the 2010 audit report.
The current PKPS management has found that the projects "have no hope of being revived".
To cut its losses, PKPS has sold two of the companies and shut down the third.
[More to follow]
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