DEFENCE Minister Datuk Seri Mohamed Khaled Nordin is ready to explain the financial position of the Armed Forces Fund Board (LTAT) to the National Accounts Committee (PAC) about the negative balance in the LTAT fund reserve recorded from 2020 to 2022.
According to him, the Auditor General’s Report 2022 only refers to one of the three reserve funds of the board.
“The matter only refers to one fund, otherwise LTAT has three funds that are in a positive position in the year in question.
“If the reserves (three funds) are combined, it shows a positive amount and this year also (2023) because LTAT has a reserve of approximately RM900 mil,” he said at the Prince’s Annual Parade, Royal Military College (MTD) at Kem Perdana, Sungai Besi.
Meanwhile, an anti-corruption activist believes the inconsistent announcements by Raja Affandi Raja Noor and LTAT to explain his stepping down as chairman point to broader issues behind the scenes that must be addressed.
“It reflects the serious implications of the nexus between politics and business. A Cabinet member is dictating how corporate restructurings should be carried out, and that is totally inappropriate,” a local media quoted Edmund Terence Gomez as saying in February.
On Feb 8, LTAT announced that Raja Affandi had “retired”. However, media reports stated the fund’s chairman had resigned due to disagreements about the restructuring of Boustead Holdings Bhd.
Previously, in a report presented at the Dewan Rakyat last Wednesday, the LTAT reserve recorded a negative balance for three consecutive years since 2020 with a total of RM0.376 bil, RM0.285 bil (2021) and RM0.338 bil (2022).
PAC chairman Datuk Mas Ermieyati Samsudin said her team would call LTAT to explain the board’s financial position after Aidilfitri this year. – March 10, 2024
Main photo credit: Bernama
