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PAC orders audit on RM20m public funds channelled to flying car firm Aerodyne
Parliament’s Public Accounts Committee (PAC) has called for an audit on the RM20 million in public funds invested into Aerodyne Ventures Sdn Bhd, the private firm behind the flying car project.
This is to scrutinise if the funds had been used for the project.
Entrepreneur Development Minister Mohd Redzuan Yusof (above) previously told Parliament that no tax money would be involved in building the prototype of the flying car.
In its report on the flying car project published today, the PAC found that RM20 million had been channelled to Aerodyne through VentureTech Sdn Bhd.
VentureTech is a subsidiary of the Malaysian Industry-Government Group for High Technology (Might), an entity under the Prime Minister’s Department.
“Although the minister (Redzuan) said the flying car project is a private initiative and would not use government funds for the project, the PAC found that Might, through VentureTech, had approved an RM20 million investment into Aerodyne.
“The Economic Affairs Ministry confirmed that the money was channelled from VentureTech to Aerodyne on Nov 1, 2019,” the report states.
According to the report, VentureTech’s board of directors had approved the RM20 million investment to develop a data processing centre in Cyberjaya; research and development; as well as “other capital expenditures” that included the purchase of drones.
The PAC recommended that VentureTech “closely monitors” that Aerodyne used the funds for its original purposes.
“The National Audit Department is asked to conduct an audit on the RM20 million government investment to ensure it is used for its original purposes and not for the flying car project,” it also said.
In its hearings for this report, Might CEO Mohd Yusoff Sulaiman told the PAC that the RM20 million investment into Aerodyne was not for the flying car project.
In its hearings for this report, Might CEO Mohd Yusoff Sulaiman told the PAC that the RM20 million investment into Aerodyne was not for the flying car project.
Cabinet unaware, no other ministry involved
Funding was one of the many concerns the PAC had about the project.
It noted that Redzuan’s public announcement about the flying car back in February was done without any prior presentations to the cabinet.
No detailed planning or due diligence on Aerodyne’s financial and technical capabilities was done before the project was publicly promoted, it also said.
Furthermore, the PAC found through its hearings with government officials that no other ministry or government agency was informed about the project, nor was asked to offer its input.
Also, it noted how Malaysia did not have any law to regulate air mobility and flying vehicles.
The PAC remarked how Redzuan had misrepresented the flying car project as a national initiative.
“Even though the minister promoted the project as a national project, the PAC found that the project is a private initiative…
“The minister said that Aerodyne would be using local technology but the PAC found that the prototype is being built in Japan as the country has the ecosystem and facilities needed to construct a flying car,” the report says.
The committee thus recommended that Redzuan’s ministry prepares a comprehensive cabinet paper about the project and present it during a cabinet meeting.
It also urged the ministry to work with other ministries and government entities in its programmes, especially high profile ones.
The PAC further recommended that detailed studies and due diligence be done before any initiative is announced to the public.
The bipartisan PAC is headed by Noraini Ahmad (Umno-Parit Sulong) and comprises 14 MPs on the government side including Wong Kah Woh (DAP-Ipoh Timur), Wong Chen (PKR-Subang), Nurul Izzah Anwar (PKR-Permatang Pauh), Steven Choong (DAP-Tebrau), Wong Hon Wai (DAP-Bukit Bendera), Wong Shu Qi (DAP-Kluang), Akmal Nasrullah Mohd Nasir (PKR-Johor Bahru), Hasanuddin Mohd Yunus (Amanah-Hulu Langat) and Muslimin Yahaya (Bersatu-Sungai Besar).
Opposition MPs on the committee are Ahmad Hamzah (Umno-Jasin), Takiyuddin Hassan (PAS-Kota Bahru), Ismail Mohamad Said (Umno-Kuala Krau) and Robert Lawson Chuat (GPS-Betong).
Dewan Rakyat secretary Roosme Hamzah is the PAC secretary.
tarc shd start a flying bicycle project.
ReplyDeleteSo we see another great example of the New Malaysia. Check and Balance. Like the fake blue dacing before but now MUCH better....ha ha ha....
ReplyDeleteUnlike during the BN government before the PAC under the Harapan government is now headed by an opposition figure (from BN/UMNO) and unfortunately for flying minister Redzuan most of the other members are from DAP, PKR and Amanah. Only one Bersatu member. And there are four MPs from UMNO and PAS. No MCA reps, sorry, Wee K(h)a(t) Siong was their only MP, sob sob, got no time.
With “opposition from within the government”, ie DAP, PKR and Amanah the truth about the 20 million funding was quickly exposed in the PAC before it ballooned further. You see this is how to "sekat" Toonsie/Bersatu, from within the government, if you quit you become barking dog which Toonsie can ignore.
Remember the previous PAC under BN and the UMNO/Jibby appointed the “cari makan” chairman? He denied and covered up all the 1MDB mis-deeds, allowing the losses to balloon to the tens of billions and me, my children and grandchildren will have to pay for. But not KT probably. Maybe that‘s why he never mention 1MDB. Ha ha ha...
But flying car or drone, or even the third national car project, I am confident that Guanee will keep a tight hold on the purse strings.
How much did Guanee budget in the 2019 national budget for the flying drone/3rd national car? Kosong.
How much in the 2020 national budget? Oso kosong.
Toonsie got Checked and Balanced. See how effective DAP is, operating from within the government?
Instead Guanee budgeted 30 million per year for TARUC, and was willing to give it to TAA alumni to urus the distribution, and that alumni is managed by MCA lifetime members, but MCA/Wee K(h)a(t) Siong vindictively, kiasu-ively and obduratively refuse to accept, depriving poor students of much needed assistance.
If the Minister misled Parliament on such a clear cut Yes/No answer, he should be fired.
ReplyDeleteI'm very much an opponent of Government-owned industries. However, I'm not a purist when it comes to emerging technologies and startups.
Almost all the technology that is commonplace today, started up at some point in time as some Government-backed project , even received partial or substantial financial backing from this or that government.
The fact is at the infant stage, business risks are high and returns small or non-existent. Deserving projects often need Government backing in promotion or financial seed funds to give it a leg up.
Having said that, I am sure there are other ventures that are far more deserving of Malaysian Government backing that the flying carpet. And it looks like the flying carpet was just an assembly kit from China...there is no technological value added in Malaysia.