FELDA : The smell of easy money (Part IV)

by Dr R@28

Part 1:    FELDA – The smell of easy money

Part 2:    FELDA – The smell of easy money

Part 3:    FELDA – The smell of easy money

• In the last 3 parts, I wrote a serial that basically covers the past, present and planned future for FELDA-A, Koperasi Permodalan Felda  (KPF),Felda Holding(FH) and Felda GV (FGV). As indicated previously, the public don’t see the line that separates the Authority, the Holding company, the cooperative and Felda GV. They see it all as Felda. Because of that it is easier for those in power to do what ever they want especially when the common person i.e. the Chairman sits on all four entities. That would compromise any arms length decision-making process. The many naïve KPF members and settlers would probably trust the system as they had before but they failed to realized that the new system is entirely different from the old one and their interest is not  in the business of  resettlement of rural poor into newly developed areas. The unwritten game plan is  about milking the cash cow!

• In Malaysia especially those companies controlled by politicians, it has been repeatedly shown that via “related and unrelated party transactions” money can change hands. It is all above board and at arms length. There will be some people who make money and the main company will be left high and dry.  Any parties that controlled the board would be able to handpick the CEO. Beyond that between the chairman and a handpicked CEO, a lot of magic can happen. Everything would be above board and very legal. Will the same fate happen to the new consolidated FGV? While it is everyone guess but based on historical experience in businesses that involves Malaysian politician shows that this appears to be certain. I believe RR in his many recent disclosure shows a typical “related party transactions” that is legal and above board. For this reason, in my humble opinion, KPF members should worry. They should worry gravely.

• Prior to  Jan 1990 FELDA-A  was in the business of resettlement of rural poor into newly developed areas. The UN acknowledged it is one of the best poverty eradication in the world. Unfortunately, this ceased because the government felt it was a costly business. The business of poverty eradication may not be cheap but it has major impact on the nation. There will always be poor people around because the cost of living is on the rise. It was wrong for the government to stop the resettlement program. Today Shahrizat Jalil mentioned that the government spent RM102.5 mill to help 57,905 people in Selangor. That works out to RM1770 per person. That is a paltry sum compared to RM250 mill was used to enrich one already rich family in another agriculture project. Don’t you think so? Someone who is impartial need to do a social service and advice the 220,000 KPF members what they are getting themselves into. This can only be done via a systematic and a major education program where they must be educated on their rights.