KUALA LUMPUR, Oct 1 — Seven government-linked corporations (GLCs) rewarded employees with bonuses despite booking a combined loss of nearly RM2 billion in 2011, national auditors highlighted today.
Syarikat Prasarana Negara Berhad (SPNB) led the group in losses by recording a deficit of RM763 million but this did not stop the infrastructure firm from dishing out between 1.5 and two months’ bonus to employees.
The most generous loss-maker was MIMOS Bhd, the government’s technology researchers, who lavished its workers with a minimum of two months bonus and up to three months for some employees. It recorded a loss of RM4.6 million for 2011.
KTM Bhd employees took home the least in ex-gratia payments among the seven firms’ employees, pocketing just an extra half month’s salary or a minimum of RM500 in the same year the railway operator lost RM103 million.
Others who doled out rewards to employees despite the red ink on their balance sheets were Amanah Raya Bhd (RM707 million loss/RM1,000 bonus), Jambatan Kedua Sdn Bhd (RM42 million loss/1 month’s bonus), Indah Water Konsortium (RM98 million loss/1.5-2 months’ bonus), and Cyberview Berhad (RM254 million/2.5 month’s bonus).
Responding to the Auditor-General’s Report, the Treasury explained that GLCs were formed with social responsibility and nation-building in mind, and was not designed for profitability.
As such, it said the role that profits — or losses, in this case — played in determining if a GLC has met its key performance indicators (KPI) was up to the discretion of Ministry of Finance Incorporated.
