Don’t judge MRT Corp by ‘cold financials’, transport consultant says

Free Malaysia Today

Wan Agyl Wan Hassan says the Mass Rapid Transit Corporation Sdn Bhd has a wider socio-economic purpose but its financials are dictated by strict accounting rules.   Read More:  https://docs.google.com/document/d/1gUuOUlvlskogtJZxicDDNnFibCt4Ry5UFXiHJz2sqJU/edit#heading=h.ldgl06ungx29   Laporan Lanjut:  https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/07/10/silap-hakimi-kerugian-atas-kertas-mrt-corp-kata-perunding-pengangkutan/   Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #MRTCorp #ColdFinancials #TransportConsultant #WanAgylWanHassan

Transcript

00:00Mass Rapid Transit Corporation Sundaran Berhad should not be judged for the losses it incurred.

00:10Transport consultant Wan Agil Wan Hassan said the Auditor General's report's finding

00:14that MRT Korp, like financial stability, did not reflect the company's true purpose.

00:20He said MRT Korp was established as a special purpose vehicle to develop and own all assets

00:26linked to the MRT system in the Klang Valley.

00:29Wan Agil said the losses mentioned in the report were actually the costs incurred in

00:33constructing the MRT-1 and MRT-2 lines.

00:38He explained that the government provided the capital to MRT Korp for the construction

00:42of MRT-1 and MRT-2.

00:44It was always envisaged that Pujaya would foot the bill.

00:48It is also standard accounting practice to record all sums provided by the government

00:52as expenses, Wan Agil said.

00:55He said the government never imposed any requirement on MRT Korp to earn enough to

01:00pay off construction costs or generate a profit either.

01:04Last week, the AG's report revealed that MRT Korp had suffered a RM181.5m loss before

01:10tax in 2023, and accumulated losses of RM57.624bn since it was established in 2011.

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