'NFC's statement show it's more a grant than a loan'

The explanation given by the controversial company National Feedlot Corporation (NFC) over a government loan running to hundreds of millions supports PKR’s argument that the RM250 million was more a grant than a loan.

According to PKR chief of strategy Rafizi Ramli (right), this is because NFC executive chairperson Mohamad Salleh Ismail had revealed that there is no repayment schedule stipulated for the loan.

“(PKR secretary-general) Saifuddin Nasution exposed that there is no repayment schedule nor interest paid for the loan. This was confirmed by NFC in a Berita Harianreport today.

“So while it is called a loan, the RM250 million is more a grant, as a loan would include collateral, interest and a repayment schedule... we don’t know how we can recover the RM250 million,” he said.

In its report on a NFC press conference yesterday, Berita Hariansaid that Mohammad Salleh admitted that the company did not contravene any agreement “as the terms of the agreement did not stipulate the repayment schedule”.

The daily reported that the payment needs to be made after “a certain period” and that the stipulated period has yet to expire.

‘Not one condo, but two’

Rafizi, who is has experience as a chartered accountant and auditor, said that Mohamad Salleh’s response yesterday also did not refute any of the allegations made by the PKR.

Instead, he said the company revealed more information which strengthens PKR’s argument of misappropriation of funds.

“(NFC) confirmed that it did not spend RM9.8 million on a condominium purchase but RM13.8 million on two... each costing RM6.9 million.

“I am surprised by the audacity of NFC not only to deny misappropriation but to proudly say that they not only have one but two condominiums,” he said.

He added that the company also did not refute PKR’s claim that NFC had paid for Shahrizat’s personal expenses.

Rafizi added that he has also sent a letter to Umno Youth chief and Rembau MP Khairy Jamaluddin, who has fervently backed NFC, to invite him to debate the matter on Dec 12.

“The venue and the style of debate can be agreed upon later,” he said of the letter sent today.

Dailies Berita Harian and New Straits Times had carried a report which details nine responses for nine allegations made by PKR.

“We will be calling another press conference on Monday to answer this. Give us two days to study their response,” Rafizi said.

He also expressed dismay that NFC had taken so long to respond to weeks of exposes, and only after being urged to do so by Deputy Prime Minister Muhyiddin Yassin.