Is Pembinaan PFI trying to hide its growing debt by the late filing of its 2013 company accounts?

Media Statement by Dr. Ong Kian Ming, MP for Serdang, on the 19th of November, 2014

Pembinaan PFI Sdn Bhd is a Ministry of Finance owned company which has racked up liabilities of RM27.9 billion, making it the government owned company with the third highest liabilities after Petronas and Khazanah according to the 2013 Auditor General’s Report.

PFI’s liabilities also seems to have increased at a worrying rate. For example, at the end of Financial Year 2011, PFI’s liabilities stood at RM19.9b (Appendix 1). At the end of Financial Year 2012, PFI’s liabilities had grown to RM27.9b, an increase of RM8b in just one year (Appendix 2).

PFI tabled its company accounts for FY2011 on the 29th of June 2012 and for FY2012 on the 28th of June 2013. When I last checked on the 11th of November 2014, PFI had not filed its company accounts for FY 2013 which means that it is almost 5 months late in filing its accounts.

Is PFI trying to hide another massive growth in its liabilities in FY 2013? Is it following the footsteps of other Ministry of Finance owned companies such as SRC International and 1MDB and its subsidiaries in not filing their company accounts on time?

I call upon the Ministry of Finance to issue a statement to explain why Pembinaan PFI Sdn Bhd’s company accounts for FY 2013 have not been filed and also to explain why government development expenditure is being channelled via this little known entity.

Appendix 1: Summary of Financial Information for Pembinaan PFI Sdn Bhd for FY 2011

Appendix 2: Summary of Financial Information for Pembinaan PFI Sdn Bhd for FY 2012