More than a third of HRD Corp's RM49.38 million investment losses by June 2023 was from its 62-sen per share investment in Widad Group Bhd.

By June 2023, HRD Corp posted a paper loss of RM18.52 million from the 2020 investment, made via a put and call option agreement (PCOA).

This was revealed in the Auditor General's (AG's) audit of HRD Corp recently.

In its audit review, it found that despite the losses and its investment panel's decision to reject renewal of investment on two separate occasions, HRD Corp sought renewal approval from the then-Minister of Human Resources, V Sivakumar, in October 2023.

The application lacked sufficient information, but the minister approved it the same day without comments.

Widad, which counts Tan Sri Muhammad Ikmal Opat Abdullah as a substantial shareholder, was trading at 6 sen a share earlier.

Read more: https://shorturl.at/zDC0M

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