There goes the money..

Original news item from http://tengchangkhim.blogspot.com

It seems that Teng Chang Khim, the Selangor Opposition Leader has made a point that the Selangor state government has failed to see that two of their GLCs have lost a total of RM286 million.

The 2 state owned companies, Kumpulan Perangsang Selangor Bhd (KPS) and Kumpulan Hartanah Selangor Bhd (KHSB), recorded a pre-tax loss of RM 97,904,000.00 and RM 188,780,000.00 respectively for the year 2005, and as KPS is a subsidiary company of KHSB, total loss is RM 188,780,000.00.

The Selangor state investment arm that owns 53.1% of KPS shares, which in turn owns 52.07% of KHSB shares has to account to the public on why both companies had failed to perform in 2005 when Selangor enjoyed a 5.2% growth economically.

Read on there on who's the man behind the two companies. It's rather, perplexing.


Credit is given to http://tengchangkhim.blogspot.com for the original news and facts.