In its latest follow-up report tabled in Parliament today, PAC said the move aligned with its recommendation last November that LTAT diversify its investment portfolio and reduce its reliance on a single entity, namely Boustead Holdings Bhd.

“Nevertheless, efforts to diversify the investment portfolio must continue, as a significant portion of LTAT’s investments remains concentrated in Boustead,” PAC chairman Mas Ermieyati Samsudin said in a statement today.

She also said LTAT’s restructuring plan for Boustead, known as “Project Earth”, had been presented to the Cabinet, defence minister, finance minister II, and the senior director of economic and financial affairs in the Prime Minister’s Department.

“However, PAC has yet to receive the relevant restructuring plan and is waiting for LTAT to submit the necessary documents once finalised,” she said.

The PAC report comes after a follow-up proceeding on Jan 22 which saw key testimonies from officials, including the finance ministry’s deputy secretary-general (investment) Shahrazat Ahmad, defence secretary-general Lokman Hakim Ali, and LTAT CEO Ashraf Radzi.