Companies approved for vehicle inspections “are not RM2 companies”; have enough paid-up capital – Loke
The three companies which have been granted conditional approval to conduct motor vehicle inspection services – Wawasan Bintang, Pakatan Petroleum and Beriman Gold – are not “RM2 companies”, but instead have sufficient paid-up capital, transport […] The post Companies approved for vehicle inspections “are not RM2 companies”; have enough paid-up capital – Loke appeared first on Paul Tan's Automotive News.
The three companies which have been granted conditional approval to conduct motor vehicle inspection services – Wawasan Bintang, Pakatan Petroleum and Beriman Gold – are not “RM2 companies”, but instead have sufficient paid-up capital, transport minister Anthony Loke has said, reported Bernama.
Last week, Nurul Islam Mohammed Yusoff posted to Facebook questioning how the companies were appointed by the government, given that one of the companies, Wawasan Bintang, was found to be just eight months old, and as such had no proven track record.
“The company, which is said to be only eight months old, has a paid-up capital of RM20 million and is involved in other business activities. It is not a RM2 company; they have sufficient capital. For the record, this company is fully Bumiputera-owned, and all three of its directors are Bumiputera,” Loke said in response to Jerantut member of parliament Khairil Nizam Khirudin during the minister’s question time.
The transport ministry has already set specific criteria to ensure that new entrants invest in building expertise and capabilities in the vehicle inspection industry, Loke added.
“To prevent conflicts of interest, applicants are allowed to establish new companies or use entities unrelated to the automotive business when applying for a PPKM licence. This ensures a clear separation of business interests and prevents situations where a company involved in vehicle sales or services approves its vehicles,” he continued.
The three companies appointed for vehicle inspections have undergone a strict and transparent selection process, and they have fully met all criteria, including employing certified vehicle inspectors,” the transport minister emphasised.
“If I wanted to hide anything, I wouldn’t have announced the names of these companies. What matters is opening up the market to make vehicle inspections more competitive, efficient and provide consumers with more choices,” Loke said.
The post Companies approved for vehicle inspections “are not RM2 companies”; have enough paid-up capital – Loke appeared first on Paul Tan's Automotive News.
