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LTAT
DAILYNEWS KUALA LUMPUR: The Armed Forces Fund Board (LTAT) has been given a two percent dividend for the financial year 2018 due to net profit in 2018 of RM221 million, despite gross revenue reaching RM423 million.
In a statement, LTAT said net profit was lower compared to previous years due to several factors including LTAT income in 2016 and 2017 taking into account unfinished land sales but a profit of RM441 million was taken into account.
“The results are yet to come in, but LTAT's management under former chief executive Tan Sri Lodin Wok Kamaruddin has already declared profits and paid dividends in excess of RM556 million in 2016 and 2017.
"The cumulative profit from 2015 of RM384 million eventually slipped and became a cumulative loss of RM170 million in 2017," he said.
LTAT announced that its investment loss to Buroi Mining Sdn Bhd's company of RM55 million should have been accounted for in 2015, but the party who made the payment should have gone bankrupt.
Thus, he said the LTAT payable dividend was only two per cent equivalent to RM161.2 million.
On dividend payments that have not yet been received from LTAT subsidiaries, he said LTAT subsidiaries Pernama, PPHM and Power Cable Sdn Bhd had declared high dividends in 2017 but did not have the ability to pay.
“This has caused LTAT to pay high dividends to contributors. LTAT should not be able to make payments without the return of subsidiaries, ”he said.
The statement also said LTAT's new management would resolve the issue by reviewing its financial position and that any outstanding debts, should be eliminated and accounted for in the 2018 LTAT financial statements.
"This needs to be done so that LTAT can correct the situation and its financial statements will reflect real gains," he said.
He said LTAT had also embarked on a transformation plan comprising six key pillars - LTAT's new vision and mission, strengthening corporate governance, improving LTAT's strategic stakeholder management, especially soldiers, enhancing sustainable investment returns, improving infrastructure management and human capital development.
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