RM675M ICSB reinvestment queried

LUYANG Assemblywoman Melanie Chia questioned why the State Government reinvested a huge sum of money back into Innoprise Corporation Sdn Bhd.

Debating the First Supplementary Supply (2011) Enactment 2011, she brought the House's attention to the Government using RM675 million for equity investment in Innoprise Corporation.

The amount, she said, is actually dividend that the government received and reinvested back into the government-linked company.

"So, I am asking what is the need for the State Government to reinvest such a huge amount in Innoprise Corporation Sdn Bhd?"

She said the additional expenses in the supplementary supply enactment are also very hgh. The amount is close to half the expenses for this year and that the figure is quite phenomenal.

The additional expenses came from the consolidated fund and according to the 2011 Expenses, the estimate balance from the Consolidate Revenue as of Dec 31 this year was RM2 billion.

"I would also like to ask, how much would be left in the Consolidated Fund after the additional expenses has been presented today, not forgetting the RM544 bond that has been taken into account in the Estimated Revenue for last year," she questioned.

On other developments, Chia hoped a portion of the additional allocation of RM59.25 million under the Drainage and Irrigation Department (DID) would be utilised to address flood and slope issues in her constituency.

A total of RM3m from the RM59.25m would be used for rehabilitation of the drainage system damaged by floods white RM8.955 for maintenance of the main drainage system.

Luyang, according to Chia, also expcriences frequent floods especially in housing estates including main roads and roads in housing areas during heavy rain.

"The floods occurred because the drains and culverts are not maintained resulting in these being be blocked," she said.

Meanwhile, Chia also asked why the new railway track from Beaufort to Tenom have not been completed yet.

She said the project has been delayed for more than three years already.

"Who is contractor and has penalties been taken against him? And what is the State Government's next course of action towards this delay and when can we expect it to be fully completed?” she asked.

Daily Express

Wednesday 24^th August, 2011

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