GEORGE TOWN, May 11 – Penang Opposition Leader Muhammad Fauzi Yusoff has alleged that the accounts of government-linked corporations, Chief Minister Incorporated (CMI), was not fully audited.

He said CMI had failed to present its complete and audited accounts.

“The accounts were also not tabled in the state legislative assembly even though CMI manages the state revenue and multi-million ringgit projects,” he said when debating the Penang Yang DiPertua Negri’s speech at the state legislative assembly today.

The Sungai Dua assemblyman questioned the transparency of the state’s revenue management under CMI.

“How can an entity managing millions in state revenue operate without proper financial transparency? This is not about perception, this is about basic governance principles,” he said.

He said CMI which oversees various projects, should have a clear and audited financial reporting mechanism.

“CMI managed 71 projects in 2024 and 2025 and recorded rental and lease income through CMI and State Secretary Incorporated (SSI) amounting to RM8.43 million as of September 30 last year,” he said.

He also questioned delays in the tabling of CMI’s financial statements, despite requirements under amendments to the Chief Minister Incorporated Enactment, which stipulate that accounts and records must be properly prepared and tabled in the State Assembly every financial year.

Fauzi raised concerns over CMI’s management structure.

He said it lacked transparency especially in relation to state land management, strategic leases, and collaborations through various special purpose vehicles (SPVs).

“The public still does not have a clear picture of all companies under CMI’s management, their shareholding structures, and the actual ownership links,” he said.

He added that this raises questions over who is managing state assets and what benefits are derived from the projects, while also limiting public scrutiny over financial flows.

He urged the state government to explain the issues he raised.

“I hope the state government ensure all CMI-related accounts are properly prepared, audited, and presented openly to the state assembly and the public,” he said.