Khazanah Holding Nasional: Monitor subsidiary companies closely

With the recent exposure of several corruption cases involving top executives in Iskandar Investment Berhad (IIB), the Iskandar Malaysia Chamber of Commerce and Industry has urged Khazanah Holding Nasional Berhad to monitor the activities of its subsidiary companies more closely.

The president of the Iskandar Malaysia Chamber of Commerce and Industry, Mohd Salikon Sarpin said that they were shocked to learn about the cases of breach of trust, power abuse and corruption happening in Iskandar Investment Berhad (IIB) and they fully supported the investigations initiated by the Malaysian Anti Corruption Commission (MACC).

He hoped that the Iskandar Investment Berhad (IIB) together with Iskandar Regional Development Authority (IRDA) will work towards successfully developing Iskandar Malaysia with greater transparency, efficiency and productivity.

“Whatever the profits and savings derived from developing Iskandar Malaysia should be channeled for the benefits of the local community, entrepreneurs and others.”, Mohd Salikon added.

He also added in saying that, the effects of the economic spill-over should have a positive impact and should also be felt by the local community.

Footnotes:

Iskandar Investment Berhad (IIB) was incorporated on November 3, 2006 as the catalyst of change. IIB promotes, coordinates and invests in strategic and catalytic initiatives through joint ventures or contribution of land, either through sale or lease, or granting of concession or development rights.

The shareholders of IIB are 60%, Khazanah Holding Nasional Berhad (an investment holding arm of the governement of Malaysia) holds 20%, and the final 20% is held by Kumpulan Prasarana Rakyat Johor Sdn. Bhd. (a Johor state government-linked company).

For more information, logon to www.iskandarinvestment.com