Zahid, who is also the deputy prime minister, said although the process of recovering these losses will take some time, he will ensure there is no breach of trust, misappropriation or abuse of power.

“Mara Inc’s losses have been occurring since 2012, and I will find ways to resolve this issue to prevent it from recurring.

“We are not looking to place blame, but the reported losses were due to bad and excessive investments because several assets purchased abroad exceeded market prices,” he told reporters here today.

Yesterday, Mara director-general Azhar Abdul Manaf said the accumulated losses from 2012 to 2022 partly involved the purchase of assets abroad, particularly in Australia and the UK, between 2012 and 2014.

According to the A-G’s report tabled in the Dewan Rakyat on Thursday, the total accumulated losses borne by Mara Inc decreased by 3.8% – from RM298 million in 2021 to RM286 million in 2022.

This contributed to an improved financial performance of the group, which recorded a pre-tax profit of RM11.7 million for 2022.