Prasarana Malaysia Bhd (Prasarana) will lodge a report with the MACC and Companies Commission of Malaysia (SSM) over Al Mashaaer Al Mugaddassah Makkah Metro Southern Line (MMMSL) project in Saudi Arabia which caused Prasarana to incur audited losses amounting to 417 million Saudi riyals (RM500 million) for the financial year 2019.
Chairperson Tajuddin Abdul Rahman (above) said the decision came at the conclusion of an 18-month internal audit and forensic investigation exercises that also included an audit review by PriceWaterhouseCoopers Advisory Services.
“In a board of directors meeting that took place this morning, we are satisfied with the advice by the audit risk committee that there are grounds for Prasarana to take this matter up with the authorities for proper investigations and ensuing legal actions to commence,” he said at an online press conference today.
He said the investigation, among others, reviewed MMMSL’s pre-and post-tender award processes, the overall execution of Prasarana’s contractual obligations and execution of the maintenance, repair and overhaul issues pertaining to spare parts in the project.
The involvement of the then-officers and board members of Prasarana, Rapid Rail Sdn Bhd and Prasarana Integrated Management and Engineering Services Sdn Bhd (PRIME) was also reviewed.
He said Prasarana’s actions were in line with its commitment to good governance, transparency and accountability.
“This was a challenging investigation as many of the key officers who were involved in the MMMSL project have left Prasarana and/or Prime and/or Rapid Rail,” he said.
He said the long-distance nature of the project meant that investigations required the co-operation from and assistance of previous subcontractors and consultants based overseas.
“Additionally, the investigators also needed to sieve through massive amounts of documents, transferred from Saudi Arabia to Malaysia,” he said.
Tajuddin said Prasarana would give the authorities its full support and co-operation in their investigations and related legal action.
He said the outcome of the investigations would enable Prasarana to chart its next course of action, including embarking on legal actions where appropriate.
“Moving forward, a board investment committee has been established to look into Prasarana’s major investment and business ventures.
“The board of directors is very serious and committed to ensuring that Prasarana and its officers adhere to good business practice and proper corporate governance, and above all, are trustworthy, principled, and ethical in discharging their responsibilities,” he added.
On April 16, 2015, Prasarana, through its subsidiary, Prime, was awarded a three-year contract to operate and maintain the line between the Arafat 1 station and Jamarat station in north Mecca, taking over from China Railway Construction Consortium.
- Bernama
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