31
Oct
13

Petronas-owned ‘World’s best hospital’ lost RM1.1 BILLION

The recent 2012 Auditor-General’s Report has once again raised a storm over the Federal Government’s track record in financial management and expenditure. According to Serdang MP Dr Ong Kian Ming, up to RM6.5 billion may have been wasted over 64 cases identified by the report.

However, there is one major Government-Linked Company that does not get reviewed by the Auditor-General, and that is our national oil company, Petronas. Formed by an Act of Parliament in 1974, Petronas is the custodian of our nation’s entire oil and gas resources, and remains until today Malaysia’s one and only Fortune 500 company.

Petronas is also the Federal Government’s financial backer, providing 40 per cent of the Federal Budget through dividends, oil royalty and taxes, but excluding gas subsidies, which are additional contributions.

By law, specifically Section 3(2) of the Petroleum Development Act, Petronas is answerable solely to the Prime Minister. Even Members of Parliament have no access to its financial records besides a simple annual report that is published for public consumption.

More than a billion in losses

Besides oil and gas, Petronas has in recent times ventured out of its core business in an attempt to diversify its portfolio. As a result, Petronas is now heavily invested into properties as well as the healthcare sector through Prince Court Medical Centre, a luxury private hospital situated in the heart of KL city.

However, at a cost of RM544 million to build, the investment in Prince Court Medical Centre has not been able to reap any profit. In fact, according to its annual report, the private hospital has been suffering huge losses every year for 10 years in a row, particularly in the last five years since its operations started.

In 2008, Prince Court lost a total of RM111 million. This figure nearly doubled to RM192 million in 2009 before haemorrhaging a further RM450 million in 2010. By year ending 31 December 2011, the accumulated losses stood at an incredible RM1.08 billion, as shown in the table below.

…more
Petronas RM1.1 BILLION SHOCKER! ‘World’s best hospital’ loss-making for past 10 yrs
Written by Zairil Khir Johari
18 October 2013 – Malaysia Chronicle

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