Mara Inc on shaky financial footing, A-G’s report says

Free Malaysia Today

Mara Inc needs to review its objectives and the implementation of its core property management activities, says the national audit department.  Read More:  https://www.freemalaysiatoday.com/category/nation/2024/07/04/mara-inc-on-shaky-financial-footing-a-gs-report-says/  Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #MaraInc #AuditorGeneral #Financial #Shaky

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00:00Government-linked company Mara Inc. has incurred 286.3 million ringgit in losses due to inefficient

00:09business activities, according to the National Audit Department.

00:13The 2024 Auditor General's report revealed that Mara Inc.'s loan arrears have affected

00:18its net current liabilities position, preventing dividend payments to shareholders since its

00:23establishment in 2014.

00:25The company manages three local properties and six overseas properties, reporting an

00:29equity deficit of 115.73 million ringgit and current liabilities of 234.96 million

00:36ringgit.

00:37Mara Inc. also holds direct equity stakes in five subsidiaries but saw its investments

00:42suffer an 87.18 million ringgit impairment, a 54.8% decline in total value.

00:48Despite its goal of empowering the Bumiputra economy, the report said Mara Inc. has been

00:53unsatisfactory in returns and called for a review of its objectives and core property

00:57management activities.

00:59The report recommended that the Rural and Regional Development Ministry and Mara, the

01:03government agency, increase monitoring of subsidiaries like Mara Corp. and Mara Inc.

01:09Dhanesh Rajareza, FMT News.

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