The Public Accounts Committee (PAC) has revealed that MARA Inc. made inflated property purchases in London and Melbourne during 2013 and 2014, highlighting a lack of approval from the Ministry of Finance (MOF) for these transactions. Properties like the Dudley International House and Beaumont House were scrutinised because the Ministry of Rural and Regional Development (KKDW) sought MOF approval after the fact. Additionally, the case regarding the overpriced Melbourne property is under investigation by the Malaysian Anti-Corruption Commission (MACC). To avert future issues, PAC recommended strict adherence to government policies for investment approvals and a comprehensive review of property valuations by MARA Inc. Other recommendations include developing clear SOPs for property leasing and ensuring all projects meet quality, time, and budget standards.

MARA Inc. has faced scrutiny over its property investments, particularly in international markets. The 2013-2014 acquisitions in London and Melbourne violate procedural financial governance by lacking necessary approvals from the Ministry of Finance. The findings stem from PAC investigations aimed at promoting accountability and ensuring sound financial management in public sector investments, particularly by MARA and its subsidiaries. The ongoing legal ramifications further emphasise the necessity for stringent oversight in future investment decisions.

PAC’s investigation underlines the critical need for regulatory compliance in MARA Inc.’s investment strategies. With overpaid properties and ongoing investigations, it is vital for MARA to implement enhanced governance frameworks and internal controls to avoid similar scandals. The PAC’s recommendations are aimed at ensuring fiscal responsibility and promoting sustainable financial practices within MARA and its affiliates.

Original Source: www.malaymail.com

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