TWO Malaysian Communications and Multimedia Commission (MCMC) funds will be audited over their excessive budgets.

The two – MCMC fund and Universal Service Provision (USP) fund – held RM800 million and RM8.5 billion as at December 31, 2016, Communications and Multimedia Minister Gobind Singh Deo said in Putrajaya today.

According to Gobind, the financial statement of the MCMC fund showed that it had RM800 million in its coffers as at December 31, 2016, while the USP fund had RM8.5 billion in the same fiscal period.

The MCMC fund is to run the ministry whereas the USP fund is used “to bridge the digital divide”, particularly providing communications and internet access to underserved areas through infrastructure projects. 

“The purpose of this audit is to verify the said accounts and to enhance transparency over the use of the said funds in the past,” he said after a post-cabinet meeting at his ministry.

The audit should highlight any shortcoming in the utilisation of the funds if any, he said. 

However, details on the audit, such as its duration, commencement and auditor would be announced later, Gobind said. 

“I hope the Malaysian Communications and Multimedia Commission will render the auditors full assistance and cooperation so as to complete the said audit as soon as possible.”

The MCMC fund was set up under the Malaysian Communications and Multimedia Commission Act 1998 while the USP fund was set up pursuant to the Communications and Multimedia (Universal Service Provision) Regulations 2002. – June 20, 2018.