Quit or get fired: Nga’s ultimatum to Perak Corp board members after huge losses

IPOH: All board members of Perak Corp Bhd (PCB) have been told to resign immediately with dignity, or be prepared to be sacked.

Perak DAP chairman Nga Kor Ming, who made the call following a huge net loss reported in the key subsidiary under the state agency Perak State Development Corp (PKNP), said the board members have failed miserably in managing its finances.

Citing a May 23 report in The Edge, Nga said PCB's current liabilities of RM340.6mil for the 2017 financial year had exceeded its current assets by RM158.5mil and its market capitalisation at RM88mil.

“The amount of debts is shocking and it shows how incapable the board members have been in managing the group.

“'The board members, who are current and former Barisan Nasional state representatives themselves, should resign with dignity before they're sacked,” he told a press conference here Saturday (May 26).

“'Under normal governance, it is irregular for a company to incur such huge losses that exceed its own asset and market value.

“'We call on the Malaysian Anti-Corruption Commission (MACC) to investigate PCB for any wrongdoing,” he added.