LTAT results overstated

  • Business Premium
  • Friday, 12 Apr 2019

PETALING JAYA: The government has exposed yet another financial discrepancy by a government-linked investment company that took place under the previous Barisan Nasional administration, a few months after serious financial mismanagement practices were unearthed in the Muslim pilgrimage fund Lembaga Tabung Haji.

Lembaga Tabung Angkatan Tentera (LTAT), which manages the Armed Forces’ retirement fund, has been found to have overstated its net profit by a whopping 44% in financial year 2017 ended Dec 31 (FY17), following non-compliance of two previous transactions with the Financial Reporting Standards.

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