THE Penang government will be setting up a committee to monitor transactions within its Chief Minister Incorporated (CMI) investment arm, said Chief Minister Chow Kon Yeow.
Chow said he had proposed the move to the state executive councillors and they accepted it two months ago.
“I have brought up the matter to the excos and they accepted the proposal to set up a monitoring committee headed by me, both deputy chief ministers, the state secretary and state financial officer to oversee CMI.
“This committee will monitor and approve projects undertaken by CMI.
“There will also be a special ledger created for all transactions received by CMI to be recorded and to ensure accountability,” Chow told reporters during a press conference on Wednesday.
State secretary Datuk Seri Farizan Darus, who was also present, added that the ledger would help in separating transactions between CMI and the State Secretary Incorporated (SSI).
“At present, whatever revenue collected by CMI and SSI goes into a state consolidated account.
“The ledger will separate them while keeping them under a consolidated account,” he said.
It was reported that political economy professor Terence Gomez had urged state governments to reveal the accounts of subsidiaries such as MBI (Mentri Besar Incorporated) or CMI to ensure transparency of transactions to taxpayers.
Gomez, who is a senior fellow at the Institute for Democracy and Economic Affairs, said his research on government-linked companies (GLCs) showed that none of the MBIs or CMIs from the 13 states had ever revealed their accounts.
Earlier, Chow and Farizan also handed out awards to 245 civil servants at the state’s Excellent Service Award ceremony at Olive Tree Hotel in Bayan Lepas.
Farizan said 3,776 civil servants in the state completed their annual performance report last year and 2,481 of them achieved above 90% score.
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