KUALA LUMPUR (Dec 3): The Inland Revenue Board (IRB) has granted a non-interest bearing loan of RM100 million to its subsidiary Yayasan LHDN, without any proper agreement inked between the two parties, according to the 2017 Auditor-General Report.

“The financing was granted with the condition that Yayasan LHDN would pay the amount starting in year 2037, 20 years after the financing was given.

“However, there was no agreement signed by the parties for the financing to be granted by IRB to Yayasan LHDN,” the report said.

The report did not state what was the purpose of the loan.