Assar non-executive director Datuk Idris Buang, speaking to reporters, says the trust fund is still good, May 8, 2019. — Picture by Sulok Tawie
However, he said Chief Minister Datuk Abang Johari Openg is looking at restructuring the model and has asked an external accounting firm to look into it.Idris, who is also Muara Tuang assemblyman, said one of the things that needed to be looked into is the redemption for each unit of Assar fund. He said Assar, through its investment arm, Pemodalan ASSAR Sdn Bhd , had done well until a stock market crisis a few years ago.
He said ASSAR will not go bankrupt as alleged by Dr Ting as it has about RM600 million worth of assets, mostly land.He said it is misleading and malicious for Dr Ting to perceive Assar as another 1MDB. During the debate on the opening of the state assembly two days ago, Dr Ting had said that as of December 1, 2018, the net asset value for one unit of Assar was a mere 2.9 cents, and that the state government was liable for the rest 97.1 cents for each unit as guarantor.
Source: News Formal (newsformal.com)
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