MPOB Financial Statement Delay Due Technical Issues

KUALA LUMPUR, Feb 24 (Bernama) -- The Malaysian Palm Oil Board’s (MPOB) delay in submitting its financial statements was caused by unexpected technical problems during the development phase of MPOB’s new accounting and finance system, MPOB MyFAS, said Minister of Plantation and Commodities Datuk Seri Dr Noraini Ahmad.

She said the technical issues disrupted the preparation of financial statements in accordance with the required standards.

“MPOB has obtained an extension for submitting the financial statements until Sept 30, 2025, approved by the Ministry of Finance in a letter dated July 16, 2025,” she said when winding up the debate on the Auditor General’s Report (1/2026) in the Dewan Rakyat today.

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Noraini said MPOB is taking proactive measures to ensure a similar delay does not occur in the 2025 financial statements.

“As an immediate step, MPOB plans to appoint an external vendor with specific expertise to help accelerate the preparation of the 2025 financial statements.

“Second, MPOB will closely monitor progress and prepare a Gantt chart to ensure the 2025 financial statements are completed by the set deadlines.

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“MPOB is fully committed to submitting the 2025 financial statements on or before June 30, 2026, following presentation to the board meeting expected on May 14, 2026, in line with the six-month period stipulated under Act 240,” she said.

Meanwhile, Noraini said the Ministry of Plantation and Commodities agrees that research and development (R&D) are the lifeblood of the commodity industry’s competitiveness.

“The industry must not continue to rely on old models; challenges demand higher productivity, new mechanisms and value-added products.

“MPOB has produced many R&D outcomes with high potential. However, not all technologies can be commercialised automatically because the commercialisation process differs from the research process,” she said.

The minister added that to commercialise R&D results, several factors must be considered, including technology readiness, market viability, industrial-scale production costs, the capabilities of industry partners, and others.

“Among the challenges are the lab-to-market gap and the fact that many technologies require large investments.

“MPOB’s forward approach is to focus on technologies that have a clear industrial impact, scalability and sustainable return potential so that resources and allocations can be used optimally,” she said, adding that the ministry encourages strategic collaboration with industry and government-linked companies.

Noraini said the ministry will ensure innovations add value to the national economy while also helping to increase smallholders’ incomes.

“Up to 2025, 1,416 R&D projects have been carried out, of which 240 MPOB R&D projects have been commercialised, generating RM48.8 million in royalties. At the same time, 364 technologies are ready for commercialisation,” she said.

-- BERNAMA