Anwar: Syed Mokhtar has RM1.4bil in Bernas shares

Opposition Leader Anwar Ibrahim has today questioned how government-linked business tycoon Syed Mokhtar Al Bukhari can be allowed to possess RM 1.4 billion worth of shares in the recently de-listed national rice firm Bernas.

In a statement, Anwar (left) said that Syed Mokhtar now has 83.4 percent of shares in the company, leaving only RM174 million worth of shares to be divided among 170,000 farmers.

He said that Agriculture and Agro-based Industries Minister Ismail Sabri Yaakob's explanation in the Parliament recently that the de-listing was temporary in order to restructure the company has raised more questions than answers.

Among others, the minister has said the national farmers association (Nafas) and National fishermen association (Nekmat) will both be given 5 percent each from Bernas shares when the firm is re-listed.

"If it is true that Nafas and Nekmat's holding will be raised to 5 percent each, how will they fund the purchase of these shares, which would be worth RM50 million, without adding to their own financial burden?" Anwar asked.

He said that the government should not be satisfied with Nekmat and Nafas having 5 percent each in shares, because the initial promise made by the government when Bernas was de-listed was for these associations to have 10 percent each in terms of shares at all times.

That announcement, in 1995, was made by Anwar himself when he was in the government and then finance minister.

"If their original holding of 10 percent each had been kept since Bernas' privatisation, at least an addition RM 174 million can be distributed to farmers and fishermen," Anwar said.

Anwar said that the government's failure to protect the interests of farmers was a "betrayal" towards the community.