Source: The Malay Mail Online

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 →

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.

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 →