Yayasan Selangor not bankrupt
Writer: Basil Foo
Published: Fri, 25 Mar 2011
SHAH ALAM: Yayasan Selangor’s accounts were made public on Wednesday to finally lay to rest claims that the state education foundation was on the verge of bankruptcy.
“Although there was a deficit in 2010, we can still continue operations for a long time because there was a significant surplus in previous years,” said Menteri Besar Tan Sri Khalid Ibrahim.
Khalid, who is also Yayasan Selangor chairperson, said the foundation still had more than RM100 million in its coffers and cash deposits of RM50 million.
Annual accounts since 2005 showed the foundation’s highest deficit was RM9.9 million in 2005, and the highest surplus was RM127 million in 2008.
He refuted allegations that Yayasan would be bankrupt due to a RM7 million expenditure.
“I would like to see the expertise of those who made the reports,” he said.
The foundation’s 2010 accounts, which were a subject of dispute, would be released before June, he said at the State Secretariat.
“We have drafted a report on our status and have decided, after a board meeting [yesterday], to have a general meeting by May to pass the accounts,” he said.
It was learnt that the foundation’s auditing process had to pass through a chartered accounting firm, a general meeting and the Companies’ Commission of Malaysia.
Khalid revealed that the annual accounts since 2005 were only passed in general meetings throughout last year.
“So for those who said Yayasan’s accounts were audited every year, their statement would be incorrect.”
He explained that deficits and surpluses over the years were not a strange occurrence, but they would still be assessing the reason for the fluctuating income.
He said the fate of Yayasan Selangor general manager Ilham Marzuki would depend on his performance as the board decided to let him see out his contract.
“As he just became general manager in 2010, we must give him a chance until his two-year contract ends,” he said.
On a group of former Yayasan Selangor staff filing suits against Ilham and the foundation, Khalid said the due process of the law would not be obstructed.