The opposition party is wondering why the government is not implementing the new structure with regard to palm oil APs immediately. Is it to allow the cronies to make their millions?
KUALA LUMPUR: PKR has questioned the reason behind the government’s decision to only implement the abolishing of palm oil APs early next year.
The opposition party wondered if this was to allow “cronies” to have more time to sell the APs to gain some RM62.5 million.
“We demand an answer on why the proposed new structure will not be implemented immediately. Jan 1, 2013, is two and a half months away, why the delay, when the situation calls for immediate action?” asked PKR’s investment and trade bureau chairman Wong Chen, referring to the dropping crude palm oil prices.
“Could it be that the ministry is allowing more time for crony AP holders to sell and realise their RM62.5million?” he continued, explaining that industry sources told him that an AP fetched a price of RM25 per metric tonne.
He said that a recent report said that there were still 2.5 million metric tonnes of APs still unsold.
Last Friday, The Plantation Industries and Commodities Ministry announced that the reduced export duty structure was a move that would supposedly allow Malaysia’s palm oil industry to compete with other similar exporting countries in terms of price.
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