FMT:
Heads must roll over Pharmaniaga’s PN17 classification, says MP
Lim Lip Eng asks if there is any element of corruption involved in the company’s RM664.39 million loss in the fourth quarter of 2022.
Pharmaniaga’s top management must be held accountable for the company’s huge losses in October-December 2022, says Kepong MP Lim Lip Eng.
KUALA LUMPUR: The top management of Pharmaniaga Bhd must be held accountable after the pharmaceutical group fell under the Practice Note 17 (PN17) classification for financially distressed companies, says a Pakatan Harapan MP.
Pharmaniaga slipped into the PN17 category after posting its largest ever quarterly net loss of RM664.39 million in the fourth quarter ended Dec 31, 2022 from a net profit of RM85.47 million during the same period a year ago.
Lim Lip Eng (PH-Kepong) asked who would be held responsible for the company’s massive losses and if there was any element of corruption involved.
The DAP MP also asked for the salaries and allowances earned by the company’s chairman, directors and CEO to be revealed.
“Will the dividends of the armed forces pension fund (LTAT) be affected by the massive losses (incurred by the company)?” he said during the debate on the Supply Bill 2023 in the Dewan Rakyat.
Lim said Putrajaya must not bail out Pharmaniaga with public funds, despite it being dubbed one of the best government-linked companies (GLCs) in the past.
In a filing with Bursa Malaysia on Monday, Pharmaniaga said it had taken a RM552.3 million impairment on unsold Covid-19 vaccines and had also written down the goodwill of its Indonesian manufacturing units of RM50.3 million.
KUALA LUMPUR: The top management of Pharmaniaga Bhd must be held accountable after the pharmaceutical group fell under the Practice Note 17 (PN17) classification for financially distressed companies, says a Pakatan Harapan MP.
Pharmaniaga slipped into the PN17 category after posting its largest ever quarterly net loss of RM664.39 million in the fourth quarter ended Dec 31, 2022 from a net profit of RM85.47 million during the same period a year ago.
Lim Lip Eng (PH-Kepong) asked who would be held responsible for the company’s massive losses and if there was any element of corruption involved.
The DAP MP also asked for the salaries and allowances earned by the company’s chairman, directors and CEO to be revealed.
“Will the dividends of the armed forces pension fund (LTAT) be affected by the massive losses (incurred by the company)?” he said during the debate on the Supply Bill 2023 in the Dewan Rakyat.
Lim said Putrajaya must not bail out Pharmaniaga with public funds, despite it being dubbed one of the best government-linked companies (GLCs) in the past.
In a filing with Bursa Malaysia on Monday, Pharmaniaga said it had taken a RM552.3 million impairment on unsold Covid-19 vaccines and had also written down the goodwill of its Indonesian manufacturing units of RM50.3 million.
Yes, heads must roll BUT they won't
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