The Sun paper today reports:
Untimely gift
by Terence Fernandez
and R. Nadeswaran
PETALING JAYA: What can you
buy with RM160,000? An X-ray
machine for one, or fi ve low-cost
homes, breakfast for 1,000 poor
schoolchildren for two years and
feed a hardcore poor family of 10 for
almost 20 years!
However, a company owned
by the Selangor government,
Permodalan Negeri Selangor Berhad
(PNSB), deemed that it was better to
spend the sum on a watch for
its then chairman and
mentri besar Datuk
Seri Dr Mohamad Khir
Toyo.
On Jan 8, PNSB
paid RM159,250 for a
Patek Philippe watch
as “cenderamata
untuk pengerusi PNSB”
(souvenir for the
chairman of PNSB)
– Mohamad Khir at that
time.
It is understood that the watch
in white gold was presented to
the former MB before the March 8
general election.
But Mohamad Khir returned
the watch. And it was not until two
months later that a buyer was found.
“When we presented the watch
to Datuk Seri, he declined, saying he
did not need such an expensive gift,”
said PNSB chief executive offi cer
Datin Khairiyah Abu Hassan.
She said a buyer was found in
March and the watch was sold for
about the same price and the money
banked into PNSB’s account.
What is perplexing is that PNSB
deemed it fi t to spend on such
extravagance after posting losses of
RM7.5 million in its 2006 fi nancial
year. (Companies Commission of
Malaysia records show that this was
its last fi nancial returns).
But Khairiyah clarifi ed that the
company had made a profi t of RM10
million and that the watch was a sort
of emolument for Mohamad Khir’s
“contributions”.
The purchase was not tabled
for approval by PNSB’s board of
directors. However, Khairiyah
said that board approval was not
necessary for such purchases.
“We have a certain amount
for entertainment and other such
expenses which
can be decided at
management level,”
she said in a telephone
interview yesterday.
The purchase of the
timepiece from Sincere
Watch Sdn Bhd was listed as
“sundry expenses” by PNSB.
According to a Sincere sales
agent, the watch was a collectors’
item from the Perpetual Calendar
series, retailed at RM235,600.
The agent expressed surprise at
the price PNSB paid, saying that the
discount was far more than usual.
“We usually don’t give more than
a 15% discount,” she said when
theSun contacted Sincere’s outlet in
Suria KLCC.
Meanwhile, executive councillor
for health, plantation workers’
welfare, poverty eradication and
caring government Dr Xavier
Jayakumar expressed disgust over
the “gift”.
“As an offi cial entrusted to take
care of the state, where urban poor
is on the rise, I fi nd it disgusting
that one can even think of such an
expensive gift.
“Do you know how many families
we can help with that money?” asked
the Sri Andalas assemblyman.
Khairiyah said PNSB was always
careful with spending its
funds.
“We are mindful that
we are dealing with
public money but we
are also a corporation
and it is not unusual
for chairmen and
directors to receive
such benefi ts,”
she said, adding
that the purchase of
the timepiece was
considered “frugal”
compared with other
fi rms that dished out large
cash dividends and luxury
cars for its top executives.
Incorporated on Oct 15,
1990, PNSB is a wholly-owned
subsidiary of the Selangor state
government. With an authorised
capital of RM100 million and a
paid-up capital of RM24 million, it
was specially established to take over
the commercial projects of Selangor
State Incorporation (SSI), involving a
host of diversifi ed activities; namely
housing and property, tourism,
investment, manufacturing and
services.
According to its charter,
“PNSB strongly believes in
balancing profi tability with social
responsibility. PNSB is assertively
assisting in the evolvement of mesra
rakyat” (people-friendly) and Caring
Government Programme
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