PETALING JAYA: A former deputy minister is demanding answers regarding the disposal of assets belonging to Terengganu subsidiary company TDM Bhd, claiming the sale was done at a loss.
In a statement, former deputy housing and local government minister Raja Kamarul Bahrin Shah said that if managed properly, business assets typically appreciate in value.
“Why was TDM’s assets in Indonesia sold off at RM115 million when it was believed to have been purchased at a much higher price?
“Did the company experience a huge loss in the sale?” he asked in a statement.
On July 29, The Edge Markets reported that TDM Bhd had disposed of its entire stake in two Indonesian plantation firms for a total of RM115 million, a move aimed at exiting Indonesia and focusing its resources on its Malaysian operations.
Both firms, PT Rafi Kamajaya Abadi and PT Sawit Rezki Abadi, were reported to have been making losses since their incorporation.
Raja Kamarul also asked if the disposal had anything to do with a legal battle relating to a fire incident in 2019 that PT Rafi Kamajaya Abadi had lost against Indonesia’s environment and forestry ministry.
He added that the Indonesian subsidiary was ordered by a court to pay about RM275 million in compensation for the environmental loss.
He urged TDM and the Terengganu menteri besar to come clean on the matter as it involved taxpayers’ money.
“The people of Terengganu deserve to know the real situation if there has been a big loss.” - FMT
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