By Sharen Kaur
Published in NST on April 7 2011
Arlida Ariff, the former chief executive officer of Iskandar Investment Bhd (IIB), says she will give full cooperation with any investigation on alleged fraud.
"I will cooperate fully with whatever investigations to be carried out by the relevant authorities so that we can move on and not lose focus on what is important, that is ensuring the success of Iskandar Malaysia," Arlida said in a statement yesterday.
Early this week, it was reported that the IIB board had filed a police report against its former senior managers on April 4.
It was also reported that an Ernst & Young (EY) forensic audit showed fiduciary lapses and highlighted the need to strengthen key controls.
Johor police chief Datuk Mokhtar Shariff yesterday confirmed that the state police contingent had received the report.
"We have forwarded the report to the Malaysian Anti-Corruption Commission (MACC) for further action," Mokhtar said, without elaborating.
It is learnt that the case will be handled wholly by the MACC, without any involvement of the state police's commercial crime department.
Since IIB was set up in November 2006, the company had awarded over RM3 billion worth of construction jobs in Iskandar Malaysia.
Some RM1.7 billion worth of jobs are still ongoing such as Legoland Malaysia, campuses and housing projects.
IIB, 60 per cent-owned by Khazanah Nasional Bhd, is responsible for developing projects that would transform Iskandar Malaysia, the country's special economic zone in Johor.
Arlida said despite internal and external pressures, she had performed to the best of her ability.
IIB had shown positive performance with substantial profits per year, she added.
"The company did not fail to deliver on its obligations to shareholders and partners alike.
"Iskandar Malaysia has also grown from strength to strength, surpassing investment targets set by its stakeholders," she added.
Arlida - currently managing director of Karambunai Corp Bhd, the developer for the Karambunai Integrated Resort City (KIRC) in Sabah - claimed that she was instrumental in installing clear and transparent processes and procedures for both procurement and investments during her three-year tenure with IIB.
She is now focusing on KIRC to be an anchor in support of the government's efforts under the Economic Transformation Programme, as tourism is one of the National Key Economic Areas.
"I am now equally delighted to be given the opportunity to contribute to this important development in Sabah," Arlida said.
-ENDS-
Published in NST on April 7 2011
Arlida Ariff, the former chief executive officer of Iskandar Investment Bhd (IIB), says she will give full cooperation with any investigation on alleged fraud.
"I will cooperate fully with whatever investigations to be carried out by the relevant authorities so that we can move on and not lose focus on what is important, that is ensuring the success of Iskandar Malaysia," Arlida said in a statement yesterday.
Early this week, it was reported that the IIB board had filed a police report against its former senior managers on April 4.
It was also reported that an Ernst & Young (EY) forensic audit showed fiduciary lapses and highlighted the need to strengthen key controls.
Johor police chief Datuk Mokhtar Shariff yesterday confirmed that the state police contingent had received the report.
"We have forwarded the report to the Malaysian Anti-Corruption Commission (MACC) for further action," Mokhtar said, without elaborating.
It is learnt that the case will be handled wholly by the MACC, without any involvement of the state police's commercial crime department.
Since IIB was set up in November 2006, the company had awarded over RM3 billion worth of construction jobs in Iskandar Malaysia.
Some RM1.7 billion worth of jobs are still ongoing such as Legoland Malaysia, campuses and housing projects.
IIB, 60 per cent-owned by Khazanah Nasional Bhd, is responsible for developing projects that would transform Iskandar Malaysia, the country's special economic zone in Johor.
Arlida said despite internal and external pressures, she had performed to the best of her ability.
IIB had shown positive performance with substantial profits per year, she added.
"The company did not fail to deliver on its obligations to shareholders and partners alike.
"Iskandar Malaysia has also grown from strength to strength, surpassing investment targets set by its stakeholders," she added.
Arlida - currently managing director of Karambunai Corp Bhd, the developer for the Karambunai Integrated Resort City (KIRC) in Sabah - claimed that she was instrumental in installing clear and transparent processes and procedures for both procurement and investments during her three-year tenure with IIB.
She is now focusing on KIRC to be an anchor in support of the government's efforts under the Economic Transformation Programme, as tourism is one of the National Key Economic Areas.
"I am now equally delighted to be given the opportunity to contribute to this important development in Sabah," Arlida said.
-ENDS-
The audit was done at the request of Khazanah Nasional Berhad. Is there other motives than to look for weaknesses in operational procedure, ie. is there a motive to cover up the lopsided deals that Khazanah had signed with foreign investors?
ReplyDeleteAsk any Iskandar Investment Berhad staff, and they will tell you that IIB's problem is mainly about implementing the lopsided deals that Khazanah had signed with foreign partners. Go ask IIB directors who are representatives of EPF and Kumpulan Prasarana Rakyat Johor. They will tell you that Khazanah had made blunders by acceding to terms that put IIB in a disadvantage position vis-a-vis their foreign partners.
This revelation will soon go to the authority - either the Police, the MACC, the Public Accounts Committee or AG office. We'll see what happens.