Felda chairman says RM4.3b not missing after all

Source: The Malay Mail Online

The Felda logo is seen at its headquarters in Kuala Lumpur, December 28, 2016. — Picture by Yusof Mat Isa

The Felda logo is seen at its headquarters in Kuala Lumpur, December 28, 2016. — Picture by Yusof Mat Isa

JOHOR BARU, Feb 12 — Felda chairman Tan Sri Shahrir Abdul Samad today clarified that the agency had not lost RM4.3 billion as reported.

The Johor Baru Member of Parliament said he has a list of how the RM4.3 billion was utilised, namely for long term investment, both here and abroad.

“No money is lost. From the RM6 billion received when Felda Global Ventures Holdings Bhd was listed, we spent RM1.7 billion for Felda settlers to pay each family RM15,000.

“The balance of RM4.3 billion was used for various reasons. Felda made one off payments to the governments of Sabah (RM300 million), Pahang RM250 million, housing loan for Felda settlers RM400 million, management expenses RM883 million plus investments in property, both here and foreign countries, to buy shares and many others,” he said.

Shahrir was commenting on reports in a number of news portals that claimed RM6 billion received by Felda after the FGVH listing has not been accounted for. Read more

[Updated] Felda chairman: Where did RM4.3b from listing go?

Source: The Malay Mail Online

HAKAM comment: There is an update to this article: Felda chairman says RM4.3b not missing after all [12 Feb 2017]

KUALA LUMPUR, Feb 12 — RM4.3 billion of the RM6 billion Felda earned from the listing of Felda Global Ventures Holdings Bhd (FGVH) is unaccounted for, said Tan Sri Shahrir Abdul Samad.

The Felda logo is seen at its headquarters in Kuala Lumpur, December 28, 2016. — Picture by Yusof Mat Isa

The Felda logo is seen at its headquarters in Kuala Lumpur, December 28, 2016. — Picture by Yusof Mat Isa

In a report by Malay daily Sinar Harian, the Felda chairman said his agency received the amount as dividends from FGVH’s initial public offering (IPO) in 2012, but the missing billions has caused frustrations among Felda settlers.

“Felda received RM6 billion from the listing of FGVH which is Felda’s business asset. From that amount, we have spent RM1.7 billion as windfall,” Shahrir was quoted saying yesterday.

Shahrir said Felda awarded settlers and their families RM15,000 for each household, leaving behind a balance of RM4.3 billion.

“So where did this RM4.3 billion go? I think this has frustrated settlers who are very close to Felda … who admire the role of Felda … I think they have been disappointed,” Shahrir said.

In 2012, FGVH raised US$3.1 billion (RM10 billion) in Asia’s biggest IPO that year, with its stock selling for RM4.55 each.

Felda owns 21.25 per cent of FGVH.

Shahrir’s remark came as the Malaysian Anti-Corruption Commission (MACC) detained five people, three serving and two former staff of the Federal Land Development Authority last month, on suspicion of corruption relating to a sturgeon farming project worth RM146.25 million. Read more

MACC nabs five Felda senior execs

Source: The Star Online

The Felda logo is seen at its headquarters in Kuala Lumpur, December 28, 2016. — Picture by Yusof Mat Isa

The Felda logo is seen at its headquarters in Kuala Lumpur, December 28, 2016. — Picture by Yusof Mat Isa

PETALING JAYA: The Malaysian Anti-Corruption Commission (MACC) has nabbed five high-level personnel from Felda under its Ops Caviar over alleged corruption.

The five were detained by MACC between 11.30am and 1.30pm in several locations around the Klang Valley on Tuesday.

All five are believed to have abused their positions in the company for personal gain since 2014.

It is learnt all five are being investigated in relation to a sturgeon fish rearing project worth about USD$10mil (RM47.6mil).

They will be remanded in a Putrajaya court on Wednesday to assist investigations into the case.

MACC director of investigations Datuk Simi Abd Ghani confirmed the arrests and seizures of documents in relation to the probe.

The 2015 Auditor-General’s Report (Series 2) stated that no feasibility study and due diligence was undertaken by Felda prior to a sturgeon-rearing and two other projects, costing the agency millions in losses.