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The Federal Land Development Authority’s (FELDA) current efforts to reverse its fortunes follows years of financial misadventures, which resulted in accumulated losses of RM10.2 billion during the 2015-2018 period alone. Its experience is, sadly, not unique as other statutory bodies too are wrestling with the results of past mismanagement and failure in oversight.
Lembaga Tabung Haji’s previous net liability position, the Port Klang Free Zone (PKFZ) debacle, National Higher Education Fund Corp’s (PTPTN) management of defaulting borrowers, the cancellation of PR1MA housing projects, Tourism Malaysia’s procurement issues, Civil Aviation Authority of Malaysia’s (CAAM) downgrade by the US Federal Aviation Administration, Majlis Amanah Rakyat’s (MARA) failed investments, and National Water Services Commission’s (SPAN) effectiveness as a regulator following constant water disruptions are just a handful of examples, each one years in the making.