More than 50 Terengganu govt’s dormant subsidiaries to be wound up, says MB
02 March 2019
KUALA TERENGGANU, March 2 ― More than 50 Terengganu state-owned subsidiaries that have ceased business operations and are dormant will be wound-up to save on government’s spending. “Some of them don’t run any business at all. We don’t know why no steps have been taken then. If we don’t close down these companies, we still have to bear the administrative costs amounting to hundreds of thousands of ringgit annually because they have to pay to the company secretary to do the auditing as well as individuals governing those companies.
Ahmad Samsuri said most of the companies were subsidiaries of Terengganu Incorporation and ran businesses almost similar to each other resulting in unhealthy competition.
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