GLC's RM20m investment independent of ex-minister's 'flying car' talk

 

A government-linked company said its RM20 million investment into an air mobility company was independent of the then entrepreneur development minister Mohd Redzuan Md Yusof's claim that Malaysia was embarking on a "flying car" project.

This was clarified by VentureTech Sdn Bhd CEO Norida Abd Rahman to the Public Accounts Committee, according to the committee's latest report today.

VentureTech is a subsidiary of Malaysian Industry Government Group for High Technology (Might), a company owned by the Prime Minister's Department but parked under the Science, Technology and Innovation Ministry.

In May 2019, VentureTech had agreed to invest RM20 million in Aerodyne Ventures Sdn Bhd. The money was meant to be used for a data processing centre in Cyberjaya and research purposes.

Mohd Redzuan Md Yusof

Three months earlier, Redzuan had stunned Malaysians by claiming that a locally made prototype for a "flying car" was in the works. He later confirmed that he was referring to the Aerodyne's project.

He then became the butt of the joke by opposition figures who are now his allies in the Perikatan Nasional-BN-PAS-GPS coalition government.

The Entrepreneur and Cooperatives Development Ministry (Medac) - the renamed version of Redzuan's former ministry - told PAC that Clause 18.1(h) of VentureTech and Aerodyne had specifically said the RM20 million cannot be used to develop a "flying car".

Medac's secretary-general Suriani Ahmad told PAC that only RM10 million has been disbursed to Aerodyne so far and that VentureTech has been conducting seven meetings with Aerodyne to scrutinise their performance and strategy.

As for the National Audit Department, it confirmed to PAC that the RM20 million was not used for the "flying car" project.

Medac, National Audit Department and VentureTech were all requested to respond to PAC's report findings that were published on Nov 28 last year. - Mkini