Hornbill Unleashed

January 3, 2017

Form RCI on Felda and FGV, Putrajaya told

Filed under: Politics — Hornbill Unleashed @ 8:01 AM

The DAP has proposed the establishment of a Royal Commission of Inquiry (RCI) to investigate issues surrounding the Federal Land Development Authority (Felda) and its subsidiary Felda Global Ventures Holdings (FGVH)

DAP parliamentary leader Lim Kit Siang said RCI’s main aim would be to listen to grievances of Felda settlers, particularly on its acquisition of Indonesia’s Eagle High Plantations.

“A fit and proper chairperson of the Royal Commission of Inquiry to Save Felda would be Nazir Razak, the CIMB chairperson, the son of Tun Razak who set up Felda and the brother of the Prime Minister Najib Abdul Razak,” said Lim in his speech in Raub yesterday.

Aside from volunteering himself as a member of the RCI, Lim also proposed former law minister Zaid Ibrahim to be a part of the team.

“PKR MP for Pandan Rafizi Ramli would be most suitable to be engaged to head an investigation team by the RCI to save Felda,” he added.

Lim pointed out that there has been a long list of complaints and grievances against Felda, the latest being its decision to acquire a 37 per cent stake in EHP at US$505.4 million (RM2.26 billion) – without any control over access to its 425,000 hectares of land.

Settlers wrongly advised on FGV?

Decisions surrounding access to Eagle High’s land and other issues would still be determined by Indonesian billionaire Peter Sondakh, who would remain in control of EHP, despite having a reduced stake of 31.6 percent via his Rajawali Group.

“Another issue which Rafizi had brought up was Felda’s replanting scheme, which had the highest spending at RM2.5 billion a year and exposed the scheme to various risks of abuse and corruption,” he said.

Felda had defended its decision as a synergistic relationship between the two companies and an opportunity to maximise returns.

On FGV, Lim said the company’s troubles have been greatly aggravated with EPF’s disposal of all its stakes – recording a new low of RM1.55 per share at the end of the year, compared to its IPO price of RM4.45 in 2012.

“In 2012, Putrajaya had promised the listing of the country’s largest oil palm plantation would herald a new era and urged settlers to acquire FGV shares through loans.

“With EPF having offloaded its substantial share in FGV, had the settlers been taken for a ride and wrongly advised to take loans to buy the FGV shares?” he questioned.

FGV remains the third largest palm oil producer in the world. However, the company has been in the red in recent years.

Source : @ Malaysiakini


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