KUALA LUMPUR – Perak Corporation Bhd (PCB) has been accused of committing financial fraud against its creditors as DAP’s Keranji assemblyman Chong Zhemin lodged a police report here today.
Chong alleged that PCB did not list its actual assets under the scheme of arrangements and misrepresented its financial position, citing the company’s 2021 annual financial report as listing 13 assets it had between 1995 and 2017.
“In the list of the 13 assets, only one was listed (in the scheme of arrangements) – a leasehold land in Mukim Hulu Bernam Timor, Daerah Muallim. Clearly, the other 12 were not taken into account.
“So, PCB’s admission on its actual assets and subsidiaries were not presented in a truthful, transparent, and sincere manner and that was supposed to be submitted to the Ipoh High Court.
“This shows that in 2020, in court, PCB had deliberately, carelessly, defiantly, and maliciously hid and did not reveal its assets and the actual and current value of its assets,” said Chong in a press conference in front of Bukit Aman today.
He also alleged that the documents had purportedly shown discrepancies and reiterated that the PCB board of directors had committed financial fraud.
Chong had earlier lodged a report at the Dang Wangi district police headquarters.
Previously in March, Chong had raised the concern during a state assembly sitting where former PCB CEO Mohamed Shafeii Abdul Gaffoor revealed that PCB and PCB Development (PCBD) had total assets amounting to RM1.33 billion that were not disclosed in the scheme of arrangement when it was approved in April 2021.
Despite filing to the Ipoh High Court that PCB is strapped for cash, Chong alleged that the company had filed to Bursa Malaysia that it was financially sound.
“So, which is which? Either you are lying to the court or you are lying to Bursa.”
PCBD is a subsidiary owned by PCB, which is also owned by the Perak State Development Corporation.
The Vibes is trying to get PCB’s response on the issue. – The Vibes, June 9, 2022
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