Mara Inc's RM286 million loss due to bad investments, says DPM

Updated 1 year ago · Published on 6 Jul 2024 4:47PM · 2 Comments

Deputy Prime Minister Ahmad Zahid Hamidi says several assets bought by Mara Inc abroad were acquired at prices exceeding market value. – The Malaysian Insight file pic, July 6, 2024.

THE RM286.3 million loss incurred by Mara Incorporated Sdn Bhd (Mara Inc) comes from bad investments, according to Deputy Prime Minister Ahmad Zahid Hamidi.

The rural and regional development minister said several assets bought by Mara Inc abroad were acquired at prices exceeding market value.

“The losses at Mara Inc have been accumulating since 2012, a period during which I was not responsible for Mara.

“We don’t want to assign blame, but the losses were due to misguided and excessive investments.

“I will not tolerate these matters, and we will work to address these losses.

“We will focus on managing transactions involving four assets bought above market prices in Australia and England.

“Although rectifying these issues may take time, we will ensure there is no breach of trust or mismanagement involving Mara’s subsidiaries,” he was quoted as saying by The New Straits Times today.

He pledged to find solutions to prevent similar occurrences.

On Wednesday, the Auditor General’s Report 2/2024 revealed that Mara Inc had incurred losses of R286.3 million due to inefficient operations.

The group reported an equity deficit of RM115.73 million, alongside current liabilities amounting to RM234.96 million.

In addition, Mara Inc’s investments in five subsidiary companies suffered a substantial impairment of RM87.18 million, representing a 54.8% decline in accumulated value. – July 6, 2024.

Related News

Sign up or sign in here to comment.

Comments

  • It's always an after effect explanation from Mara when they get caught with their pants down...bad investment!!! Were they competent enough to look at long term gains during aquitsation??? Incompetent MARA is giving excuses to save some folks....expose how many of them made gains via these purchase!! 1MDB was in a similar fashion....losss, blame bad investment but expose how gained from these decisions....check the decision making team and held them accountable not just let fly...bad investment!!!! These kind of unaccountability in 2024 is unacceptable!!! These applies to all...be accountable and serve your terms if held responsible!!!!

    Posted 1 year ago by Crishan Veera · Reply

  • Hi guys, i dont have much to say now now, Than to say thanks to Dr. Monday for rescuing me and my family from poverty, and for getting my husband and my Job back, i love playing lottery , but winning is my biggest problem, Ill never forget the day i come in contact with Dr Monday, whose lottery spell make me a winner, some million Dollars , after giving me a sure winning numbers within 3 days to play,my financial status is settled for good,now i have started to live my dream life after 12 years of playing the lottery A big thanks to Dr Monday, am grateful for all you have done for me and family, he can be reach on ViaWhatsApp +234 705 993 7909

    Posted 1 year ago by Blessed life2 · Reply