Perak Corp clarifies statements, Q2 2020 report prepared in line with accounting standards

KUALA LUMPUR, Jan 14 — Perak Corporation Bhd (Perak Corp) clarified that the online news article published in two dailies on Jan 10, 2022 were misleading with regard to the financial statements of the Perak Corp Group.

In a filing with Bursa Malaysia today, the company said the difference in figures in the second quarter (Q2) June 2020 quarterly report is due to assets being at the company, and consolidated group levels.

“The total assets of RM771 million stated in the Q2 June 2020 quarterly report includes assets of all subsidiaries companies under Perak Corp Group including PCB Development Sdn Bhd.

“We further wish to clarify that the management accounts illustrated in the explanatory statement (ES) dated March 26, 2021 was prepared at the company level (Perak Corp), where the total assets of RM159 million represents the assets of Perak Corp,” said the company.

In the online news articles, it was alleged by Keranji state assemblyman and former director of PCB Chong Zhemin that a subsidiary company of Perak Corp issued two different sets of accounts dated on the same day showing two different financial positions.

“We wish to emphasise that the statement “Perak Corporation Bhd Development (PCBD) having two different sets of accounts” is inaccurate as there is no such company as “Perak Corporation Bhd Development” as alleged. The subsidiary of Perak Corp is PCB Development instead,” it said.

In the online news articles, it was claimed that the scheme of arrangement was fraudulent and does not treat its creditors and joint venture partners fairly.

Perak Corp also stated that the scheme of arrangement of Perak Corp and PCB Development was carried out in accordance to Sections 366 and 369 of the Companies Act, 2016, where sufficient notice of 23 clear days had been given to the scheme creditors to evaluate and vote on the scheme of arrangement.

The scheme creditors comprise non-financial institutions creditors of Perak Corp and non-financial institution creditors of PCB Development, that are owed to, or may potentially have a claim against Perak Corp and PCB Development up to June 30, 2020.

“The scheme of arrangement was approved by more than 75 per cent of the present and voting scheme creditors at the Court Convened Creditors’ Meeting held on April 19, 2021.

“The scheme of arrangement was subsequently sanctioned by the High Court on May 7, 2021, and announced by Perak Corp on May 11, 2021. — Bernama