The special internal audit report on MAPS in section 4.1.1 stated that the decision by PCB to become majority shareholders through PCBD was not been backed by a proper feasibility study.
This is most shocking as this represents a major investment by PCB group that will impact the group financial status materially. Zambry must explain why the decision to become majority shareholder was made hastily without any feasibility study.
The lack of feasibility study or review has been proven costly to PCB as not only the cost of MAPS ballooned from RM390M to RM607M, the initial forecasted 1.4M visitors to the park during the first year has not been met. The actual number of visitors to the park during the first is 283,704, which is only 20% of the forecasted figure, a far cry from the initial targeted 1.4M visitors.
Zambry’s decision to allow PCB to venture into the MAPS project without any feasibility study has impacted PKNP and PCB group financial status unfavorably and he should be fully responsible and accountable for this decision. This also proved that Zambry has totally failed to exercise reasonable care, skill and diligence to carry out his duty as the Chairman of PKNP.
Media Statement by Chairman of the Audit Committee Perak Corporation Berhad and Keranji State Assemblyman Chong Zhemin on 28 March 2019.