The allegations by the opposition that Perak Menteri Besar Incorporated (MB Inc) is not transparent is untrue, unfounded and misleading.

State Exco for Industry, Investment and Corridor Development, Datuk Mohammad Zahir Abdul Khalid said the allegations could undermine the credibility of MB Inc, which was created to protect the state's interests in mineral, real estate and strategic projects.

"MB Inc is administered prudently and bring positive changes to the mineral industry while implementing corporate social responsibility (CSR) programmes for the people," he told a press conference outside the state assembly, here today.

He denied the opposition's allegations that MB Inc lacked integrity, did not have the ability to manage relal estate, given privileges and that its account was not audited.

"MB Inc and its subsidiaries conduct operations under the Companies Act and its account is audited by qualified auditors annually."

Mohammad Zahir said under the Menteri Besar Incorporated Enactment, there is no requirement to present the audit report to the state assembly as done by Penang Chief Minister Lim Guan Eng and MB Inc of the other states.

"MB Inc adopts good governance by creating a Management Board as the highest level of compliance as a decision maker and is chaired by Perak Menteri Besar Datuk Seri Dr Zambry Abd Kadir."

He added MB Inc has contributed RM53.7 million to the state's revenue and RM4.5 million in the form of CSR and tithe to the state government. --Bernama