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LTAT still studying Ernst & Young audit report

KUALA LUMPUR (Oct 5): Lembaga Tabung Angkatan Tentera (LTAT) is still scrutinising an audit report prepared by accounting firm Messrs Ernst & Young on its actual position for the financial years ended Dec 31, 2017 and 2018.

Its chairman, Tan Sri Mohd Zahidi Zainuddin said further action would be taken, including lodging reports to the authorities if there were any elements of criminal intent.

“What is more alarming is that there were some discoveries that have had a profound effect on the savings of members," he said in a statement yesterday.

Mohd Zahidi said the audit report was studied since last year to address the issues raised to rid LTAT of any matters that could harm its finances and members’ savings.

However, he asserted that LTAT members’ savings are protected and various efforts are being made to generate sustainable returns for them in the future.

The recent dividend declaration was also in line with the current financial position following evaluation and restatements of the fund’s 2016 and 2017 accounts.

LTAT recently declared its lowest-ever dividend of 2% for its members for the financial year ended 2018, with a total distribution of RM161.2 million.

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