What were the price ranges for new cars purchased by Penang leaders?

Question

Accepted Answer

New Cars Purchased by Penang Leaders Ranged from RM60,000 to Over RM217,000

Penang leaders and state executive councillors acquired new vehicles with prices spanning from RM60,000 to upwards of RM217,000 during the period between 2013 and 2018. The majority of these vehicle purchases were financed with substantial loans, typically covering 80 per cent to 90 per cent of the total cost.
Vehicle Acquisition and Financing Details

Several elected officials reported the acquisition of new cars. For instance, Sungai Dua assemblyman Datuk Maktar Shapee purchased a new car valued at RM118,000, financed by a RM100,000 loan. Similarly, the sole PAS assemblyman, Datuk Salleh Man, declared the purchase of a new RM60,000 car, for which he took out a RM47,000 loan.
State Executive Councillors' Purchases

State executive councillors and some assemblymen also indicated new car purchases as part of their asset declarations. These acquisitions contributed to an overall increase in their reported assets, alongside growing investments in unit trusts and shares. The price range for these vehicles reflects a significant financial commitment by the individuals.
Loan-to-Value Ratios for Vehicle Purchases

The financing structure for these new vehicles predominantly involved loans. Reports suggest that most of the new cars were bought with loans accounting for a substantial proportion of the purchase price, ranging from 80 per cent to 90 per cent. This indicates a common practice of leveraging financing for these asset acquisitions.

Reading history

Hide →

This history is cleared when the page is closed.

What were the price ranges for new cars purchased by Penang leaders?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends