Hamidah Osman claims Perak Corporation Berhad is being wound up

IPOH: Datuk Hamidah Osman has alleged that Perak Corporation Berhad (PCB) is in the process of being wound up.

"All the information I gathered is from Bursa Malaysia, where it can be seen that the company's liabilities have outnumbered its assets," the Parti Putra Malaysia deputy president said at a press conference at the party's office in Sunway City here on Tuesday (Sept 15).

Among the information shown to the media was the PCB's statement of financial position, summary of properties, corporate structures, a list of announcements by the Kuala Lumpur Stock Exchange (BSKL) on the company and a list of litigation filed against the company.

PCB is a key subsidiary of Perbadanan Kemajuan Negeri Perak Group (PKNP Group). Its key activities are to support PKNP Group as the primary driver of economic development in Perak.

PCB's main activities are streamlined into three core businesses namely property development, ports & logistics as well as hospitality and tourism.

Hamidah also claimed that the current available cash and bank balances in the company is just RM25,000.

"When I was still part of the state committee council, the company had at least RM200mil cash and 600 acres of land.

It was reported on Feb 12, that the company had become an affected issuer under Practice Note 17 (PN17) under the Main Market listing requirements of Bursa Malaysia Securities.

"But right now, based on the financial position statements available in Bursa, the company's liabilities have outnumbered its assets.

"In addition to that, the company secured loans amount to RM520mil and it has been listed under PN17," she said.

PN17 stands for Practice Note 17/2005, issued by Bursa Malaysia relating to companies that are in financial distress.

It was reported on July 3 that the state government was looking for private investors to take over the RM520mil Movie Animation Park Studios (MAPS). The theme park that was first opened to the public in June 2017 has been closed since January this year.

The former Parti Pribumi Bersatu Malaysia vice-president also claimed that if proper action was not taken, PCB might have to sell off its assets, including MAPS, the Casuarina@Meru hotel as well as the Lumut Port to cover its losses and debts.

When met at Pulau Pangkor, Perak Mentri Besar Datuk Seri Ahmad Faizal Azumu denied Hamidah's allegations.

"All the claims made by Hamidah is completely untrue.

"We have made some changes in the PCB board of directors and have brought in several notable figures to help us solve the internal issue in PCB.

"Right now, our main concern is to get out of PN17 and we do not plan to sell any of our assets.

"In fact, during a meeting I had with PCB's board of directors, I had made it clear that we will not sell any of our assets – even a single pencil," he said, adding that the company had no intention to sell Lumut Port.