KUALA LUMPUR – PKR deputy president Rafizi Ramli today hit out at those who criticised the spike in Invoke’s value, saying they are unable to understand financial statements.
Last week, the Pandan parliamentary seat candidate declared that he held RM16.7 million worth of shares in Invoke, a data company he founded.
Following this, several detractors pointed out that Invoke had suffered losses and was RM4.7 million in the red as of last December.
Bersatu Supreme Council member, Datuk Abdul Latiff Ahmad had called on Rafizi to explain Invoke’s value spike.
He pointed out losses suffered by Invoke and said the public deserved to know what caused the sudden value increase for the assets.
“This should be done for the sake of transparency which Rafizi always talks about.
“Is he (Rafizi) prepared to disclose the contract and sources of income for Invoke this year which led to the sudden increase in their asset value?,” he asked.
In a statement, Latiff urged Rafizi to disclose the full details in an honest and transparent manner.
He also called on Rafizi to explain why there were only 14 shareholders in the company, including Rafizi himself, who is the majority shareholder.
“Finally, I ask Rafizi to state if his wealth of RM17 million obtained through Invoke will be used for the benefit of the people, given that support, including funds given by the people, is what supports a fair election,” he said.
In a press conference today, Rafizi explained that Invoke had two subsidiaries and that the valuation of the company included these subsidiaries which could be sold off.
“Invoke itself has been profitable since 2020 and this was very attractive to investors which explain Invoke’s shares as of 2022.
“The criticism hurled against me over Invoke’s valuation is mere propaganda,” he said. – The Vibes, November 7, 2022
