By Syed Jaymal Zahiid
An independent audit company’s probe into the controversy-ridden government tourism development company, Pempena Sdn Bhd, has shown that the company, despite its multi-million ringgit investments, has been performing poorly.
PriceWaterhouseCoopers (PWC) in its report, released to the press today, stated that as of June 2008, Pempena had invested a total of RM54.4 million in 24 companies but only four managed to generate profits.
The independent audit firm in its report also showed that Pempena had invested in five non-functional companies. PWC has proposed the company to pull out of these investments, a move that would incur “a loss of approximately RM20 million”.