Breach of fiduciary duty by former Prasanara management over Makkah Metro Southern Line project
Prasarana Malaysia Bhd has found elements of negligence, failure to discharge fiduciary duty and abuse of power by its former management regarding its involvement in the operations and maintenance of the Al Mashaaer Al Mugaddassah Makkah Metro Southern Line (MMMSL) between 2015 and 2018, which caused the agency to lose 417 million Saudi riyals (RM450.8 million) for the financial year ended Dec 31, 2019 (FY19).
Disclosure Timeline
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04 Feb, 2021
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Prasarana finds breach of fiduciary duty by former management over Makkah Metro Southern Line project, to lodge reports with MACC and SSM
(The Edge Markets)
PETALING JAYA (Feb 4): Prasarana Malaysia Bhd has found elements of negligence, failure to discharge fiduciary duty and abuse of power by its former management regarding its involvement in the operations and maintenance of the Al Mashaaer Al Mugaddassah Makkah Metro Southern Line (MMMSL) between 2015 and 2018, which caused the agency to lose 417 million Saudi riyals (RM450.8 million) for the financial year ended Dec 31, 2019 (FY19).
Directly implicated:Prasarana Malaysia Berhad