The RM20 million allocated by the Malaysian Industry-Government Group for High Technology is to develop innovation and research and development of the new national car project (NNCP). — Bernama pic

KUALA LUMPUR, Nov 29 ― The Entrepreneur Development Ministry (MED) has explained that the RM20 million allocated by the Malaysian Industry-Government Group for High Technology (MIGHT) was not for the "flying car” (super drone) project developed by Aerodyne Group.

The ministry, in a statement issued last night, said the the funding was to develop innovation and research and development of the new national car project (NNCP), with DreamEDGE Sdn Bhd chosen as its anchor company and MIGHT leading it.

The ministry also explained that it has no allocation nor the authority to approve funding for investment in any drone projects.

“This (super drone) project is a private initiative and fully funded by local companies. The project does not involve any allocation from the government and as such, was not brought to the National Development Council or the Cabinet as it does require government approval,” the statement said.

In view of this, there was no need to conduct a financial and intellectual property audit on Aerodyne as it was not a government venture.

“The project does not involve any allocation from the ministry and the ministry will not suffer any losses if the project fails to take off.

“The ministry has been aware of Public Accounts Committee’s (PAC) findings and suggestions with regard to air mobility. The ministry is in the midst of preparing comprehensive feedback on the matter. The information provided by the ministry is based on what (information) the ministry has.

“Information on action by the other agencies will be reviewed by the ministry,” the statement read.

The PAC, in its report on the super drone project tabled in the Dewan Rakyat earlier today, and which was also uploaded on the PAC website today, said Entrepreneur Development Minister Datuk Seri Mohd Redzuan Yusof had made a premature announcement on the project.

The report said PAC also found that MIGHT, through VentureTech Sdn Bhd (VTSB), had approved an investment in Aerodyne to the tune of RM20 million that was channelled on November 1.

The PAC also called for the Auditor-General's Department to do an audit on the RM20-million investment. ― Bernama