PAC report censures ‘underperforming’ Amanah Raya

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The Public Accounts Committee (PAC) has issued a report revealing the ‘unsatisfactory’ performance of Amanah Raya Berhad (ARB), following a PAC proceeding on the issue on Aug 3. The report found that ARB did not have complete and thorough investment policies, and the board of directors had no control over potential investments that were to be made, said PAC chairperson Wong Kah Woh (above) in a statement on Tuesday (Oct 12). Wong added that ARB’s investments performance of Kumpulan Wang Bersama (KWB) funds was "not encouraging" and contributed to KWB’s accumulated loss of RM1.023 billion in 2019. "Among them, ARB recorded a loss of RM114.3mil in the investment of 56 units of properties in a development project at Keppel Bay Singapore where the Gross Development Value (GDV) was insufficient to cover the cost of the investment."There are no documents to prove th…