MMC's 75 Million Bucks Contribution To University

Posted the other day: MSWG Asking Why So Much Money Donated By Syed Mokhtar Firms To Albukhary International University

• The Edge Financial Daily learnt that Syed Mokhtar’s flagship MMC Corporation Bhd’s AGM at end-April was also a fiery one, with shareholders questioning a RM75 million contribution to the university.

Now there's one very interesting thing to note here.

This donation/contribution (not sure how you would call it) was made from MMC's fiscal year 2009.

Here are MMC's quarterly earnings for fiscal year 2009.

1. Q1 Quarterly rpt on consolidated results for the financial period ended 31/3/2009


2. Q2 Quarterly rpt on consolidated results for the financial period ended 30/6/2009


3. Q3 Quarterly rpt on consolidated results for the financial period ended 30/9/2009


4. Q4 Quarterly rpt on consolidated results for the financial period ended 31/12/2009

I could not find any mention of the 75 million contribution/donation. ( I hope my eyes did not fail me but if it did, please do point to me where. :D)

So I checked the annual report: Annual Report 2009

Page 56 (I use the pdf paging number):

• EDUCATION AND COMMUNITY DEVELOPMENT
  
  The MMC Group is committed to creating education improvement around the country. Indeed, we strive to make education a part of MMC’s culture, and are pleased to work together with numerous government and non-governmental organizations in giving back to society.
  
  We believe that everyone should have access to quality education. We are involved in the development of the Albukhary International University, a non-profit university catered for the poor and less privileged. We are actively involved in adopting schools, sponsorship of books and supplies to underequipped schools and disadvantaged students, organising annual motivation camps and other endeavours towards elevating education for our young as the country progresses into a knowledge economy.

And then page 130 (I use the pdf paging number)

Yeah, the contribution is only mentioned under the Profit Before Tax statement.

Which means, if the minority shareholder did not scrutinise the Annual Report in detail, the minority shareholder would have missed out this 75 million contribution.

75 million babe.

Not a small change.

In the Edge Financial article: Tradewinds unfazed by high debt, lack of corporate governance claims there was this nice little table.