PASIR MAS (July 6): The Ministry of Rural and Regional Development will resolve the RM286.30 million loss of Mara Incorporated Sdn Bhd (Mara Inc) highlighted in the Auditor General's Report and ensure it does not recur, said Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.

Zahid, who is also the rural and regional development minister, said that although the process of recovering these losses will take some time, he will ensure there is no breach of trust, misappropriation or abuse of power within Mara's subsidiaries.

"The losses of Mara Inc have been occurring since 2012, and I will find ways to resolve this issue now to prevent it from recurring.

"We are not looking to place blame, but the reported losses were due to bad investments and excessive investments, because several assets purchased abroad exceeded market prices," he told reporters after officiating the Madani 1.0 Youth Career and Sports Carnival at Sekolah Kebangsaan Sultan Ibrahim 1 here on Saturday.

On Friday, Mara director general Datuk Seri Azhar Abdul Manaf said the accumulated losses from 2012 to 2022 partly involved the purchase of assets abroad, particularly in Australia and the UK between 2012 and 2014.

According to the AG's Report Series 2/2024 tabled in the Dewan Rakyat on Thursday, total accumulated losses borne by Mara Inc decreased by 3.8% from RM297.63 million in 2021 to RM286.30 million in 2022.

This reduction was contributed by an improved financial performance of the group, which recorded a pre-tax profit of RM11.67 million for 2022. 

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