The question we should ask all thought leaders of FELDA is this. Why should a loss making business entity, be allowed to do a reverse takeover of FELDA holdings?
Can FELDA tell everyone, how much did FGV lose really? We were only told of losses amounting to RM 500 million. One thing we do know is, FGV is consistent. It has CONSISTENTLY lost money for 5 consecutive years. Perhaps Dato Sabri Ahmad can disclose fully and honestly, how much FGV lost during those 5 years. Maybe he has gone to the PM and reported everything is OK sir. Najib is pleased to hear that kind of story.
If FGV lost money over 5 consecutive years that would strongly suggest that it is incompetent. Two, it would also suggest, just as in most GLC’s subsidiary companies, some people got very rich while the companies they helmed suffers financial hemorrhage. Before FGV comes along and wishes to take FELDA Holdings, it must come clean about itself.
What is the purpose of this listing? Is it an attempt to save a losing business concern (FGV) itself? Is it done to raise money for FELDA? but FELDA has a lot of money. It has the mother lode of financial resource which is provided by their palm oil plantations. Unless you are a super moron, all plantations make money.
Remember...MAS was making money and doing fine, when suddenly some smart alec suggested that it was good to privatize MAS. So Tajuddin Ramli in the name of service to the nation agreed to take 32% of MAS provided he was given a guarantee over his purchase of the share. Mahathir gave him that because he considers Tajudin as a captain that can pilot the NEP objectives.
So, can we ask FELDA how much they paid Ethos to come out with the listing proposal? It must be a large amount, sufficiently large to allow a leading member of Ethos to buy a RM 15 million penthouse unit in an upscale condominium.
So, we ask Dato Sabri(right,below), lets asked him 2 questions. (1) How much did FGV lose really and (2) How much did FELDA pay Ethos?
Because the PM guarantees it says Chairman Isa(right). Coming from someone who has made a mess of Negri Sembilan- now that’s something. Isa is the man of Mahathir’s heart. The captain of the NEP.The government is bent in seeing the listing.
Maslan said the listing exercise will raise RM 21 billion.
How much will FELDA get? I was told that Dato Sabri told the PM, the bulk of the money raised will be channeled to the PM’s department.
The PM is elated at the prospects of getting RM 13 billion or so. He can go back to Pekan and replace all the dilapidated hoses of the rakyat in Pekan. His generosity will be ululated by the ladies and wanita UMNO Pekan for generations to come.
FELDA will probably get RM 8 billion. That will mean PM department will get around RM 13 billion to allow the PM to play Santa Claus for a long time like in the above example we gave.
What will FELDA do with the RM 8 billion? Since it has borrowed money from EPF, it must now pay EPF. The outstanding is about RM 3 billion. If FELDA pays RM 3 billion, it is left with 5 billion. From this 5 billion, it must pay the windfall to FELDA settlers- 112,000 of them. That will probably mean another RM 2 billion gone.
Yes, my FELDA brothers-It’s not FGV or the government that will pay the windfall. That money comes from FELDA itself out of the profit share it gets from the listing. The biggest beneficiary is the PM’s department which will get some 13 billion from the listing exercise. That is why the PM supports the listing of an otherwise loss making concern.
With RM 3 billion left, Felda can operate at its current level of providing benefits to the 112,000 settlers in the various FLEDA schemes for only one year. After that, it will be reduced to a beggar.
With the listing, what will the settlers lose? It will lose the bulk of revenue. How come? It will immediately lose the 350,000 hectares of oil palm plantations managed by FELDA Plantations. The 350,000 hectares of land will be leased to FGV for 99 years.
FELDA needs around RM 3 billion each year. From its plantation business, it gets about RM 2 billion a year and the balance it gets from its other investments. With the cessation of 350,000 hectares, FELDA is left with about RM 400 million a year.With the 400 million, how will FELDA provide welfare to the 112,000 FELDA settlers and to FELDA schemes?
What about the terms of the lease? We have not seen the terms of the 99 year lease. How will FELDA get paid? It’s said that FELDA will get paid every quarter? Why every quarter when FGV makes monthly profits? Why is the lease to FGV revisable only at 20 year intervals?
Why is the lease to FGV revisable only at 20 year intervals? Sabri Ahmad and Isa Samad must come out with full disclosure about the listing.-Mohd.Ariff Sabri bin Hj. Abdul Aziz.aka sakmongkol.blogspot.com
(Catatan di atas adalah sedutan daripada artikal terbaru Datuk Mohd.Ariff Sabri yang dimuatkan dalam blognya.) Baca artikal penuhnya di sini.
cheers.
FGV owns 49% of FELDA Holdings which has been making money all the time. FGV hasn’t got a track record and has no standing at all to come out with this proposal in the first place.
Can FELDA tell everyone, how much did FGV lose really? We were only told of losses amounting to RM 500 million. One thing we do know is, FGV is consistent. It has CONSISTENTLY lost money for 5 consecutive years. Perhaps Dato Sabri Ahmad can disclose fully and honestly, how much FGV lost during those 5 years. Maybe he has gone to the PM and reported everything is OK sir. Najib is pleased to hear that kind of story.
If FGV lost money over 5 consecutive years that would strongly suggest that it is incompetent. Two, it would also suggest, just as in most GLC’s subsidiary companies, some people got very rich while the companies they helmed suffers financial hemorrhage. Before FGV comes along and wishes to take FELDA Holdings, it must come clean about itself.
What is the purpose of this listing? Is it an attempt to save a losing business concern (FGV) itself? Is it done to raise money for FELDA? but FELDA has a lot of money. It has the mother lode of financial resource which is provided by their palm oil plantations. Unless you are a super moron, all plantations make money.
Remember...MAS was making money and doing fine, when suddenly some smart alec suggested that it was good to privatize MAS. So Tajuddin Ramli in the name of service to the nation agreed to take 32% of MAS provided he was given a guarantee over his purchase of the share. Mahathir gave him that because he considers Tajudin as a captain that can pilot the NEP objectives.
So, can we ask FELDA how much they paid Ethos to come out with the listing proposal? It must be a large amount, sufficiently large to allow a leading member of Ethos to buy a RM 15 million penthouse unit in an upscale condominium.
So, we ask Dato Sabri(right,below), lets asked him 2 questions. (1) How much did FGV lose really and (2) How much did FELDA pay Ethos?
Maslan said the listing exercise will raise RM 21 billion.
How much will FELDA get? I was told that Dato Sabri told the PM, the bulk of the money raised will be channeled to the PM’s department.
The PM is elated at the prospects of getting RM 13 billion or so. He can go back to Pekan and replace all the dilapidated hoses of the rakyat in Pekan. His generosity will be ululated by the ladies and wanita UMNO Pekan for generations to come.
FELDA will probably get RM 8 billion. That will mean PM department will get around RM 13 billion to allow the PM to play Santa Claus for a long time like in the above example we gave.
What will FELDA do with the RM 8 billion? Since it has borrowed money from EPF, it must now pay EPF. The outstanding is about RM 3 billion. If FELDA pays RM 3 billion, it is left with 5 billion. From this 5 billion, it must pay the windfall to FELDA settlers- 112,000 of them. That will probably mean another RM 2 billion gone.
Yes, my FELDA brothers-It’s not FGV or the government that will pay the windfall. That money comes from FELDA itself out of the profit share it gets from the listing. The biggest beneficiary is the PM’s department which will get some 13 billion from the listing exercise. That is why the PM supports the listing of an otherwise loss making concern.
With the listing, what will the settlers lose? It will lose the bulk of revenue. How come? It will immediately lose the 350,000 hectares of oil palm plantations managed by FELDA Plantations. The 350,000 hectares of land will be leased to FGV for 99 years.
FELDA needs around RM 3 billion each year. From its plantation business, it gets about RM 2 billion a year and the balance it gets from its other investments. With the cessation of 350,000 hectares, FELDA is left with about RM 400 million a year.With the 400 million, how will FELDA provide welfare to the 112,000 FELDA settlers and to FELDA schemes?
What about the terms of the lease? We have not seen the terms of the 99 year lease. How will FELDA get paid? It’s said that FELDA will get paid every quarter? Why every quarter when FGV makes monthly profits? Why is the lease to FGV revisable only at 20 year intervals?
Why is the lease to FGV revisable only at 20 year intervals? Sabri Ahmad and Isa Samad must come out with full disclosure about the listing.-Mohd.Ariff Sabri bin Hj. Abdul Aziz.aka sakmongkol.blogspot.com
(Catatan di atas adalah sedutan daripada artikal terbaru Datuk Mohd.Ariff Sabri yang dimuatkan dalam blognya.) Baca artikal penuhnya di sini.
cheers.
Felda must step out explain more about the issues raised.
ReplyDeleteThe people deserves to know the truth of what happened. Hope that Felda will clear the air.
ReplyDeleteThere is nothing be afraid of if FELDA is on the right track. Be transparent.
DeleteProper planning and management bring positive results.
ReplyDeletehow many times Felda give their explanation, there is no guarantee that the other side will stop from shooting negative questions to them(Felda)..
ReplyDelete