KUALA LUMPUR: The National Entrepreneurial Group Economic Fund (Tekun) accumulated losses amounting to RM209.28 million as of 2015, the Parliament was told today. The losses were brought about by massive debts to the government and a huge amount of bad debts being written off by Tekun. “Total bad debts being written off were RM410.61 million (9.6 per cent) from total financing and collected repayments were only RM74.63 million (18.2 per cent). “Failure in the implementation of Tekun Entrepreneurship Portal, Tekun Entrepreneur Community Card and Cyber Mall resulted in losses of RM872,035 and members of the Audit, Integrity and Risk Committee did not have accounting background. The report said the audit also revealed that Tekun managed to increase its total financing from RM2.69 billion to RM4.29 billion for 473,982 entrepreneurs within 18 years.

Source: New Strait Times July 31, 2017 10:07 UTC