The report also revealed that the corporation, wholly owned by Khazanah Nasional Berhad, had a negative cash flow from its operations for three consecutive years from 2012 to 2014.

“However, in 2014 net loss after tax was reduced by RM1.45 million to RM18.49 million.”

The report said that although the MAFC had generally complied with rules on corporate governance, several aspects of performance, management of activities and financial management needed to be improved.

The A-G suggested that the board of directors and management of MAFC expand the market share of MAFC products and strengthen its monitoring and internal controls.

MAFC was incorporated on March 22, 2006, with an authorised capital of RM600 million and paid-up capital of RM430.5 million. Its main objective is to boost the food supply chain business in Malaysia with modern technology and logistics systems.

MAFC also assists the government in streamlining the agriculture sector towards making it a “modern, vibrant and dynamic” sector.