Felda booked RM1.19b profit in 2010, says Putrajaya

Ahmad Maslan said Felda was on sound financial footing. — file pic

KUALA LUMPUR, June 16 — The government said today the Federal Land Development Authority (Felda) made RM1.197 billion in profit last year, denying allegations the agency was being mismanaged and unable to repay debts.

Deputy Minister in the Prime Minister’s Department Datuk Ahmad Maslan also insisted that Felda’s assets were “solid”, pointing out that it was currently valued at RM19.18 billion.

He was replying to a question by Opposition Leader Datuk Seri Anwar Ibrahim (Permatang Pauh-PKR) on the federal land agency’s current financial standing and the reason it had borrowed more than RM6 billion from the Employees Provident Fund (EPF).

“Felda’s position is very stable, solid... RM1.197 billion ‘mana ada rugi’ (there is no loss),” said the deputy minister.

Ahmad Maslan told Parliament that Felda would have “no problem” in repaying its loan to EPF, as it had an excellent track record in repaying previous debts.

But Anwar charged that the land agency, through the Felda Global Ventures unit, had used the RM6 billion to invest in foreign companies and suffered an accumulated loss of RM500 million from 1997-2010.

“We believe that all investments overseas made by Felda Global using EPF funds in Felda Iffco Sdn Bhd, Twin Rivers Technologies US, TRT-ETGO Canada, Felda Global Ventures Middle East and Felda Global Ventures Arabia have all come up with an accumulate loss of almost RM500 million from 1997-2010,” the Pakatan Rakyat (PR) de facto leader said.

Ahmad Maslan did not reply immediately to Anwar’s claims, and said he would issue a written response later.

“No, I do not have these figures with me right now,” the deputy minister told reporters later.