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PETALING JAYA: The National Entrepreneurial Group Economic Fund (Tekun) recorded a loss of RM209.28mil at the end of 2015 due to several failed financing schemes, according to the 2016 Auditor-General's report.
From 1998 to June 2016, Tekun received a RM1.86bil loan from the Finance Ministry and another RM670mil grant from the Agriculture Ministryfor the purposes of the Economic Stimulus Package as well as to aid flood victims and for the Young Indian Entrepreneurs Development Scheme.
However, the report found that Tekun's various programmes failed to achieve its goals due to poor management and lack of research.
"The failure of the Tekun Entrepreneur Portal, Tekun Entrepreneur Community Card and Cybermall resulted in a loss of RM872,035," the report said.
Other failed schemes named in the report were the Tekun Credit Financing Scheme, the Mentor Mentee Programme and the Entrepreneur Development Programme.
"The period and targeted outcome for the six Entrepreneur Development Programmes were not defined," the report said.
"The Tekun Credit Financing Scheme failed to achieve its target due to lack of reception from supply companies," it added.
The report also noted that the members of Tekun's Audit, Integrity, and Risk Committee did not possess an accounting background and that its corporate financial management was disorganised.
Tekun is an agency under the Ministry of Agriculture and Agro-based Industry.
Earlier this year, former Tekun managing director and chief executive officer Datuk Abdul Rahim Hassan was charged with two counts of corruption at the Sessions Court.
Read more at http://www.thestar.com.my/news/nation/2017/07/31/ag-report-tekun-failed-schemes-led-to-rm209mil-losses/#zHHvdau1d6pzayhd.99
