SHAH ALAM: The Auditor General's report on Selangor found that the financial performance of state subsidiary PNSB Development Sdn Bhd (PDSB) to be unsatisfactory as it had suffered a drastic loss of 621.2 per cent in 2014 compared to 2013.
The loss before tax for PDSB, a wholly-owned subsidiary of Permodalan Negeri Selangor Bhd (PNSB) increased drastically by RM19.94 million in 2014 compared to 2013 where it recorded profit before tax at RM3.21 million.
The audit carried out from May to July 2015 revealed that PDSB did not have a main source of income throughout 2014 and its expenditure was disproportionate to its income.
An audit on the Selangor Islamic Religious Council (MAIS) from April to July 2015 also found that the overall management of waqf property by the council to be unsatisfactory.
Among the audit’s findings were that the Waqf Property Register was incomplete and not updated, 27.5 per cent of waqf properties' ownership had not been registered under MAIS, 87.6 per cent of waqf properties registered under MAIS had not been gazetted, and the benefit of 75.3 per cent of waqf properties remained untapped.
It was also discovered that development projects were not implemented according to plan, there was a delay in implementing istibdal (substitute of a waqf property), rental management was unsatisfactory and monitoring of waqf properties were unsatisfactory as some of the waqf land were left idle without bringing any benefit and thus led to trespassing.
