KUALA LUMPUR: The Armed Forces Fund Board will have to answer to the Public Accounts Committee after it was revealed that it had accumulated huge losses over the last few years.
The proceedings will begin after Hari Raya with the questioning of three of the highest officials who have resigned, including the former LTAT chairman, former CEO and former senior strategic officer.“Although the Auditor-General had listed three agencies for the PAC to concentrate on, namely Felda, LTAT and Perbadanan PR1MA Malaysia , PAC has decided to look into LTAT first,” said its chairman Datuk Mas Ermieyati Samsudin.
The report also said LTAT did not provide investment impairments – losses that cannot be recovered – in Boustead Holdings Bhd and Pharmaniaga Bhd, amounting to RM768mil and RM44mil, respectively. “The committee is not ruling out the possibility of calling up the Defence Minister as the issue is very critical and involves 122,935 contributors all Armed Forces,” she said.The post is now held by Datuk Seri Mohamed Khaled Nordin.
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