Prasarana finds breach of fiduciary duty by former management over Makkah Metro Southern Line project, to lodge reports with MACC and SSM
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).
Issue
- 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).
Directly implicated parties
- Prasarana Malaysia Berhad
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is a 100% government-owned company which was set up by Ministry of Finance (Malaysia) as a corporate body established under the Minister of Finance (Incorporation) Act 1957 to own the assets of multi-modal public transport operator Malaysia, under the government's move to restructure the city's public transport system. It is one of the largest public-transport companies in Malaysia other than Konsortium Transnasional Berhad. As a government-owned company since 1998, it operates stage bus and light metro services via several wholly owned subsidiaries.
Indirectly implicated parties
Implicated parties through circumstantance
Disclosing Parties
Source
Link
The Edge Markets, (04 Feb, 2021). Prasarana finds breach of fiduciary duty by former management over Makkah Metro Southern Line project, to lodge reports with MACC and SSM. Retrieved 04 Feb, 2021, from