KUALA LUMPUR: The Public Accounts Committee (PAC) will begin proceedings on the investment losses incurred by Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Berhad (PNB) in FashionValet Sdn Bhd (FashionValet) in the second week of December.
Speaking at a press conference at the Parliament building today, PAC chairman Datuk Mas Ermieyati Samsudin said the committee would summon Khazanah and PNB over the RM43.9 million investment loss.
The Ministry of Finance, in a written reply to the Dewan Rakyat previously, informed Khazanah and PNB received RM3.1 million from the sale of their shares in Fashion Valet.
In 2018, Khazanah and PNB invested a combined RM47 million in FashionValet, with Khazanah contributing RM27 million and PNB RM20 million, to acquire minority stakes.
Mas Ermieyati said PAC would also summon the management of the National Farmers’ Organisation (NAFAS), including its Board of Directors, chief executive officer and officers from the Farmers Organisation Authority (LPP), to explain the conflict affecting the organisation, which has 930,000 members.
“PAC is concerned that the issues and crisis affecting NAFAS could lead to a bigger problem, such as a shortage of fertiliser supply for padi farmers. Proceedings for NAFAS are scheduled for the second week of December 2024,” she said.
NAFAS’ consititution has been suspended, effective Nov 1, as part of a measure to enhance governance and management within the organisation.
The suspension order under Section 20(1) of the Farmers’ Organisations Act 1973 (Act 109) was issued following internal conflicts and discord, which have affected NAFAS’ operational effectiveness.
Mas Ermieyati said so far, PAC had conducted four proceedings on the management of the Padi Planting Programme, summoning 12 witnesses to give their testimonies and explanations.
“Next week, the PAC will hear testimony and explanations from 14 witnesses, including padi farmers, licensed padi seed producers, rice manufacturers, and academics.
“NAFAS is among the witnesses for the proceedings, with the PAC having previously called its management to give explanations and testimonies on March 26, 2024, and having visited the NAFAS factory in Gurun, Kedah, on April 22, 2024,” she said.
