GEORGE TOWN, April 10 — The Penang government has set up a special committee to monitor projects undertaken by the state’s investment arm, Chief Minister Incorporated (CMI).
Penang Chief Minister Chow Kon Yeow said he had proposed the setting up of the committee in the state executive council (exco) two months ago.
“The exco has accepted my proposal to set up the monitoring committee of CMI headed by me, together with Deputy Chief Ministers I and II, the state secretary and state financial officer as well as committee members,” he said during a press conference after attending a civil service award ceremony today.
He said the committee will be similar to a board that will monitor and approve projects undertaken by CMI.
Apart from the committee, Chow said a special ledger will be created to monitor the ins and outs of CMI’s revenue and expenses.
“This is so that the in and out revenue of CMI can be put into the ledger for accountability,” he said.
Currently, all revenue collected by the state secretariat incorporated (SSI) and CMI goes directly into state consolidated funds.
According to state secretary Datuk Seri Farizan Darus, the ledger will be able to identify the revenue streams from SSI and CMI.
“Other states may have their own separate accounts but this wholly depends on the respective states,” he said.
Farizan added that there were no requirements for CMI’s accounts to be made public through the state legislative assembly.
It was revealed earlier this week, during a court hearing, that CMI was not required to undergo a federal audit.
Former Penang chief minister Lim Guan Eng reportedly said during a defamation trial that CMI does not have any board members and its own set of accounts.