DAP urges Perak Corp Berhad board members to resign

IPOH: The Perak DAP has urged all board members of the Perak Corporation Berhad (PCB) to resign immediately following their weak management performance and the huge losses incurred by the state government-owned company.

Its chairman, Nga Kor Ming said PCB which was a subsidiary of the Perak State Development Corporation could also go bankrupt due to an increase in the company's debts caused by the Movie Animation Park Studios (MAPS) project in Meru Raya.

"They (PCB board members) are political appointees...they are incapable of managing this Perak Government-owned company (PCB). They have to resign immediately," he told a press conference yesterday.

The press conference was held following a news report by the Edge Markets dated May 23 which stated that the PCB incurred a net loss of RM340.6 milion during FY17 and as of 2017-end, the group's current liabilities exceeded its current assets by RM158.5 million.

In a bourse filing on May 23, the news report said the auditors had also highlighted an impairment test which resulted in a loss of RM167.2 million as an area of audit focus due to the significance of the amount and subjectivity.

It also stated that “this is related to property, plant and equipment of a subsidiary operating a theme park, where commencement of full operation had been delayed numerous times”.

Following the report, Nga called on the Malaysian Anti-Corruption Commission (MACC) to carry out investigation on the huge net loss incurred by PCB.