NFCorp ‘subsidiaries’ not audited since 2007, says Pua

By Shazwan Mustafa Kamal

March 06, 2012

KUALA LUMPUR, March 6 — Companies owned by National Feedlot Corporation (NFCorp) directors, which have allegedly utilised federal funds meant for cattle farming, have not audited their accounts since 2007, Tony Pua has said.

The DAP national publicity secretary alleged last week that NFCorp directors had siphoned RM81,324,745 to “companies which are associated with certain directors of [NFCorp]” and had demanded an explanation on the matter.

Today, Pua (picture)said the “subsidiaries” which have not had their accounts audited for 4½ years are National Livestock and Meat Company Sdn Bhd (formerly known as BizVance Sdn Bhd) (NLMC), Real Food Company Sdn Bhd (formerly known as Macronial Technology Sdn Bhd) (RFC), and Meatworks Corporation Sdn Bhd.

“If the arguments made by NFCorp directors that these companies were indeed always meant to be subsidiaries of NFCorp, then surely one would expect the financial accounts of these companies to be properly managed to ensure accountability over the use of taxpayers’ RM250 million loan.

“A simple check with the Registrar of Companies shows that none of these companies were ever audited since they became operational,” he told reporters.

Pua said that both NMLC and RFC have never had their accounts audited since June 30, 2007, back when the companies were still “dormant” and Meatworks had never filed its accounts since September 17, 2009.

NFCorp chairman Datuk Seri Mohamad Salleh Ismail has insisted that companies like Real Food and NLMC were associated units.

Both Real Food and NLMC are owned and operated by Salleh and his children.

Pua said the three companies had also contravened the Companies Act 1965 by failing to hold their annual general meetings and file annual returns to the Registrar of Companies together with their audited financial reports.

“Other companies would have been shut down by now. The question is why these ones are allowed to operate without filing audits? It is because they are related to big shots?” asked the Petaling Jaya Utara MP.

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