Opposition Questions Financial Transparency of CMI During Penang Assembly Debate
GEORGE TOWN: Financial transparency involving Penang Chief Minister Incorporated (CMI) once again became a key issue during the State Legislative Assembly sitting today after the opposition raised concerns over the corporation’s reporting and audit practices.
Penang Opposition Leader Muhammad Fauzi Yusoff (PN-Sungai Dua) said the matter deserved serious attention because CMI is directly involved in managing development projects, state land and government-linked assets involving substantial financial value.
He claimed that between 2024 and 2025, CMI managed 71 projects while also generating revenue from rental and leasing activities involving land under the supervision of CMI and State Secretary Incorporated (SSI).
According to him, revenue generated from those operations totalled RM8.43 million as of September 30, 2025, highlighting the importance of stronger financial oversight and transparent reporting mechanisms.
Muhammad Fauzi said amendments to the Chief Minister Incorporated Enactment require the corporation to maintain complete financial records and prepare annual audited statements.
He added that the law also requires the Chief Minister to table copies of the financial statements together with the Auditor-General’s observations before the State Legislative Assembly to ensure proper accountability.
However, he alleged that the relevant audit reports and financial statements involving CMI had yet to be fully presented before the assembly.
“This is not merely an administrative matter but an issue involving public confidence in the way state funds and assets are managed.
“Any entity entrusted with millions of ringgit in public revenue should uphold a high level of transparency,” he said while debating the address by Penang Yang Dipertua Negeri Tun Ramli Ngah Talib.
Muhammad Fauzi also expressed concern over what he described as the unclear structure and management framework of CMI despite the corporation’s significant involvement in state asset administration.
He stressed that the state government should ensure all financial and administrative matters involving state-linked entities are managed in a clearer and more transparent manner to strengthen public trust.
The matter continued to attract attention during the assembly session as discussions surrounding governance, accountability and oversight of government-related institutions remained among the main topics raised by lawmakers.
-wilayah.com.my
