NFCorp Chief Executive Wan Shahinur Izmir said the corporation has the right to use the government's RM250 million soft loan as it sees fit, based on its 2007 deal with Putrajaya. He made the statement on the back of new allegations of the fund being used to purchase two luxury condominiums in Singapore.
Izmir said NFCorp has been given a free hand to manage its business as long as it repaid the 2% interest in full. There can only be two possibilities: first, NFCorp top executives (Sharizat's family members) truly did not understand the purpose of the low interest soft loan given to them by the government or second, the government is using public's money to provide cheap personal loan to family and kin of top politicians with the aim of enriching themselves.
Izmir's statement can confirmed our worst fear that the NFCorp is bound to fail right from the start. The company cannot use the lack of abattoir as a reason to utilize the fund for non-related purposes like buying properties.
Inevitably, his statement is also putting Putrajaya in a spot. The administration must answer to Izmir's allegations that NFCorp has a free hand to utilize and manage the fund as long as it repaid the 2% interest in full. What about the capital repayment?
If the allegation is true, the government should stop the hypocrisy of launching the affordable home scheme which is providing loan to low cost home buyers at 7% interest rate. Normal home buyers are only paying 4.0-4.2% at most for the purchase by taking a loan from commercial banks.
Why is the government helping the elite like Minister Sharizat with cheap soft loan so that they can keep the profit by investing in luxury properties and charge an inappropriate and exorbitant interest on the poor?
Is this a caring 1Malaysia government?
Izmir has put the entire Cabinet on the spot! The government must come clean on this controversy.
Posted by Khoo Kay Peng
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