A-G’s Report: IRB gave subsidiary RM100mil loan without contract

The loan by the IRB to Yayasan LHDN was supposed to be paid back beginning 2037, some 20 years after its disbursement. (Facebook pic)

PETALING JAYA: The Inland Revenue Board (IRB) gave its subsidiary Yayasan LHDN a RM100 million interest-free loan last year without any contract between the two parties, the 2017 Auditor-General’s Report revealed.

According to the report, the loan was supposed to be paid back beginning 2037, some 20 years after its disbursement. Yayasan LHDN was set up in October 2017.

The report also cited the Electricity Industry Fund (KWIE) for investing RM2.37 billion in a fixed deposit in a licensed bank without the necessary approval.

“The request for approval was sent to the Energy, Green Technology and Water Ministry.

“However, the request to invest the RM2.37 billion was not approved by the Finance Ministry subject to Section 44D of the Electricity Supply Act (Amendment) 2015.”

On another matter the A-G noted that the Land Surveyors Board of Peninsular Malaysia recorded surveying deposit fees of RM1.33 billion between 2009 and 2016.

However, the depositors of fees amounting to RM2.61 million could not be identified. -FMT