Patriot: Disclose LTAT irregularities

Defence Minister Mohamad Sabu said on Monday he may lodge a police report to facilitate alleged wrongdoings by LTAT officers. — Reuters pic
Defence Minister Mohamad Sabu said on Monday he may lodge a police report to facilitate alleged wrongdoings by LTAT officers. — Reuters pic

KUALA LUMPUR, Oct 2 — All irregularities discovered in an audit on the Armed Forces Fund Board (LTAT) should be made public to restore the confidence of depositors and investors, said the Patriot group.

Patriot chairman Datuk Mohamed Arshad Raji also said those discovered to be abusing their powers should be prosecuted.

“Patriot urges that all irregularities as discovered by the auditor be made known publicly so that depositors and investors may regain confidence in LTAT.

“Should there be abuse or conflict of interest in the financial management by any member of the previous board, then appropriate charges be pressed on the offender(s),” he said in a statement today.

Mohamed Arshad, who is a retired army brigadier-general, also wants all quarters to stop speculating about and politicising the matter until a final report is released.

Yesterday, LTAT announced a dividend rate of 2 per cent for this year, compared to the 6 per cent it had paid over the past decades after saying irregularities were discovered in an audit of its accounts.

Although it did not outright lay the blame on its previous chief executive, the statement did mention that the irregularities and weaknesses took place when LTAT was under the leadership of Tan Sri Lodin Wok Kamaruddin who stepped down on September 7, 2018.

Defence Minister Mohamad Sabu said on Monday he may lodge a police report to facilitate alleged wrongdoings by LTAT officers.

He said the drastic drop in LTAT dividends for the 2018 financial year was the result of irregularities of previous years’ accounts by the management.

He also promised to table the financial irregularities in Parliament when it reconvenes this month.

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