KUALA LUMPUR – Perak Corporation Bhd (Perak Corp) has refuted allegations of financial fraud or purported discrepancies in assets listed in the group’s scheme of arrangement and its 2021 annual financial report.
In a filing to Bursa Malaysia yesterday, Perak Corp stated that the allegations made by Keranji DAP assemblyman Chong Zhemin were “inaccurate” and “flawed”.
Subsequently, the group had also lodged a police report against Chong on the matter.
“In the online news articles, it was reported that YB Chong Zhemin has filed a police report against the state-owned subsidiary, Perak Corp following allegations of fraud involving its assets.
“We wish to clarify that the allegations of fraud involving Perak Corp’s assets are misconceived and are strongly denied,” it said.
On June 9, Chong had lodged a police report at the Dang Wangi district police headquarters claiming that the Perak Corp board had allegedly committed financial fraud by not listing out the group’s full range of assets under the scheme of arrangement.
He added that Perak Corp had declared 13 assets in its 2021 annual report, however, had only declared one in the scheme of arrangement.
Perak Corp then clarified that the actual value of its assets at the company level was disclosed by way of its management account on March 31, 2020, when it filed the originating summons at the Ipoh High Court in July 2020.
It also stated that the scheme of arrangement was formulated with the aim to restructure the debts of Perak Corp and PCB Development Sdn Bhd at its respective company levels and not for Perak Corp group as a whole.
“The 12 assets as quoted by YB Chong included the properties of other subsidiaries of Perak Corp, which are separate legal entities from Perak Corp and not that of the applicants to the scheme of arrangement, i.e. not scheme companies.
“It is flawed, highly inaccurate and misleading for YB Chong to compare the summary of properties in the 2021 annual report, which is disclosed based on group basis, to the proposed scheme of arrangement as detailed in the explanatory statement dated 26 March 2021, which is prepared at company level basis,” said Perak Corp.
Perak Corp is owned by the Perak government through Perbadanan Kemajuan Negeri Perak, which has a 52% stake in the company. – The Vibes, June 11, 2022