Tony Pua: 'Fishy' RM4bil loan at Finance Ministry firm
The failure of SRC International Sdn Bhd (SRC), a wholly-owned Finance Ministry subsidiary, to submit its annual accounts on a timely basis – despite a RM4 billion loan from the Retirement Fund (Incorporated) guaranteed by the Federal Government – smells of fishy business.
SRC is an anonymous-sounding company owned by the Finance Ministry but a peek into the company’s short history and balance sheet raises plenty of question marks.
SRC had secured a RM4 billion Islamic loan from the Retirement Fund which was guaranteed by the Federal Government.
The loan bears a profit rate of 4.65 percent for the first three years and a profit rate equivalent to Malaysian Government Securities' profit rate plus 0.7 percent, for the remaining tenure.
The loan was disbursed in two tranches in August 2011 and March 2012.
Despite the size of the loan and entity, the financial accounts of SRC was last filed for the year ending March 2012.
Full story: http://www.malaysiakini.com/news/277789
