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BUSINESS • 24/02/2025 03:58 PM

Audit Flags SME Corp For Overspending Development Grants

KUALA LUMPUR, Feb 24 (Bernama) -- SME Corporation Malaysia (SME Corp) spent development grants beyond its allocated funds, resulting in a RM7.96 million debit balance.

The Auditor-General's Report 1/2025 stated that SME Corp recorded the debit balance for deferred grants under the Bumiputera Enterprise Enhancement Programme (BEEP) Plus at the end of the 2023 financial year.  

"The deferred grants disbursed totalled RM73.81 million, exceeding the RM65.85 million originally allocated under the 11th Malaysia Plan (11MP)," the report said.  

However, SME Corp did not obtain approval from the Ministry of Finance to spend beyond the allocated amount, the report added.  

The audit report urged SME Corp to strengthen grant management by ensuring funds are accounted for under programmes approved by the Ministry of Finance, to guarantee they are used as intended.  

"SME Corp must also ensure that any uncommitted development grants from the 10th and 11th Malaysia Plans are returned to the Ministry of Finance if the Notice of Change is not approved," the report said. 

-- BERNAMA

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