KUALA LUMPUR, July 4 (Bernama) -- The Auditor-General's Report (LKAN) issued today has recommended a review to ensure whether the existence of i2M Ventures Sdn Bhd is still relevant after the company finishes all commitments and agreements with Iskandar Global Business Services (GBS Iskandar) investors in 2025.
The report stated that i2M Ventures, a company wholly owned by Khazanah Nasional Bhd, was found to have failed to achieve the established objectives of promoting, marketing and managing businesses in Iskandar Puteri, Johor.
The audit said the key performance indicators (KPI) of the GBS Iskandar programme were not achieved due to the lack of business opportunities, basic facilities and recreation centres to attract workers and the number of jobs at the initial stage.
"An audit review of the achievement status of the three GBS Iskandar programme KPIs presented by Khazanah Nasional found that as of June 30, 2023, a total of 6,518 job opportunities (46.7 per cent) had been created by 30 investor companies that participated in the GBS Iskandar programme with a 'committed investment' amounting to RM2.667 billion (41 per cent),” the report said.
Since being incorporated in April 2012 with a paid-up capital of RM139.21 million, i2M Ventures has never been audited by the National Audit Department. The audit report reported that i2M Ventures incurred cumulative losses amounting to RM135.46 million as of 2022 but was still able to cover its obligations because it was directly funded by Khazanah Nasional, in line with the purpose of its establishment as a non-profit entity.
An audit analysis of the 18 GBS Iskandar investors who had terminated their agreement found that two investors had reached the set target, while three investors did not reach the set target at all with one investor having the agreement terminated within one year after the agreement was signed.
For the remaining investors, the actual achievement compared to the set target was between 5.5 and 91.7 per cent.
-- BERNAMA
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