Penang Opposition Leader Calls For Greater Transparency Over CMI Accounts
GEORGE TOWN: Penang Opposition Leader Muhammad Fauzi Yusoff has called for greater transparency involving Chief Minister Incorporated (CMI) following concerns over the entity’s audited accounts and financial reporting practices.
According to him, CMI, which manages various state-linked projects and assets, should maintain a comprehensive and transparent financial reporting system accessible for public scrutiny.
However, he claimed that complete audited accounts have yet to be tabled before the State Legislative Assembly despite the entity overseeing multi-million ringgit state projects and revenue streams.
“Accounts related to CMI have not been fully tabled before the state assembly even though the entity manages major development projects and substantial state revenue,” he said while debating the Penang Governor’s address during today’s state assembly sitting.
Muhammad Fauzi Yusoff said the issue raises serious concerns regarding accountability and transparency in the management of state finances.
He stressed that the matter is not merely political perception but relates directly to fundamental principles of good governance within the state administration.
According to him, any entity responsible for managing significant state assets and revenue should ensure its financial reports are properly prepared and openly accessible for public review.
He said CMI reportedly managed 71 projects throughout 2024 and 2025 while generating RM8.43 million in rental and lease income through CMI and State Secretary Incorporated (SSI) as of September 30 last year.
He also questioned delays in the tabling of CMI’s financial statements despite amendments to the Chief Minister Incorporated Enactment requiring proper preparation and annual presentation of financial records before the state assembly.
Apart from audit concerns, Muhammad Fauzi Yusoff also raised questions over CMI’s management structure, claiming that transparency remains lacking particularly in matters involving state land management, strategic leases and collaborations through special purpose vehicles (SPVs).
He said the public still lacks a complete picture of companies operating under CMI, including their shareholding structures and actual ownership links.
“The key question is who is truly managing these state assets and what real benefits are being generated from these projects,” he said.
According to him, the lack of publicly available information regarding CMI operations also limits public scrutiny over financial flows and the effectiveness of state asset management.
As such, Muhammad Fauzi Yusoff urged the state government to provide comprehensive clarification on all issues raised in order to strengthen public confidence in the state’s governance system.
He also expressed hope that all CMI-related accounts would be properly audited and openly presented to both the state assembly and the public.
-wilayah.com.my
