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Friday, November 25, 2016

Kleptocracy News : Cerita Melayu Hebat - Fraud, Corruption, Cheating, The Felda Disaster CANNOT Be Turned Around

There WAS (repeat 'WAS') a simple reason for Felda's fantastic success during the time of Tun Dr Mahathir Mohamed as Prime Minister.  (I will divulge this reason below).

Under Tun Dr Mahathir, Felda became financially independent - meaning Felda did NOT require anymore development funds from the government Budget. This happened a long time ago in the 1990s.

Now under The Kleptocracy of MO1,  Felda (Federal Land Development Authority) is in deep trouble. 

And the listed vehicle FGV Bhd or Felda Global Ventures Bhd is in deep trouble as well. 

Both FELDA (Federal Land Development Authority) and  FGV Bhd are bleeding by the hundreds of millions of Ringgit every year. 

The reason is not incompetence. An organisation that has been such a huge success for decades under Dr Mahathir cannot suddenly become incompetent overnite. 

But FELDA is now under The Kleptocracy.  It has been inflicted by FRAUD and CORRUPTION. This is what has happened under The Kleptocratic gomen of MO1.

Here is bad news, very bad news about FELDA. The worse part is this news is only going to get worse. There is no turnaround for FELDA anytime soon. Not even if they hire more consultants for another RM7 billion.   (Hmm...maybe if they spent RM14 billion for consultants, will it do the trick? You think so?)

Here be the New Straits Times bringing the very bad news from Bernama :

News No 1 : Felda lost millions to poor planning, execution. By Bernama - 21 Nov  2016 

KL: Federal Land Development Authority (Felda) lost millions 

poor planning, execution of projects 
Light Detection and Ranging (LiDAR) data collection project
broadband project and three other ventures. 

Auditor-General’s Report 2015 released today 

management by Felda & subsidiaries unsatisfactory
not meeting stipulated objectives 

65 LiDAR contracts for RM148.42m
signed by Director without  authorisation

terms of all contracts with Bumitouch, Skyline Access incomplete

full payment RM40.57m made for 53 contracts with Bumitouch  
deliverables not fully received

use of LiDAR for replanting could not commence

Broadband Project RM566m
completed up to blueprint only worth RM40m (BLUEPRINT COST RM40 MILLION !!!) 

pilot, full roll-out suspended since 2015 said report 

FELDA's RM73.63m loss : Sturgeon Fish Farm, Savaro Rest, Schneeballen Pastries 

no feasibility study, no due diligence to determine need, location, technology 

no approval from relevant Minister, MOF for 4 subsidiary companies 
for Sturgeon Fish Farm, Savaro Restaurant, Schneeballen Pastries projects

FELDA Caviartive spent RM47.62m but no returns from sturgeon farm
project suspended

Global Settlers SB spent RM8.4m for FIVE Savaro Restaurants
all ceased operations after two to three years

Schneeballen Pastry project terminated in Oct 2015 
RM6.39m payment for pastry machines. 

AG stressed Felda take disciplinary action or surcharge officers --BERNAMA

Read More : http://www.nst.com.my/news/2016/11/190618/felda-lost-millions-due-poor-planning-execution?d=1

My comments : I have some "inside information" about that sturgeon farm as well as that restaurant business. The fellow behind the sturgeon fish farm deal is an MO1 crony who is as fishy as they come. Recently he suffered loss of function of both his kidneys.  He reads my Blog and has a sidekick post comments here as well.

The restaurant idea has been festering for a long time and I once sat in a meeting with some really dumb but overconfident Felda people (bodoh sombong type) and they wanted to open a restaurant in London ! !  Fuiyyo.  

Anyway here is  news No 2.  Here is http://www.malaysiakini.com/news/363775

FGV pre-tax loss RM23.23m for (Q3) Sept '16

pre-tax loss RM62.43m same quarter '15
revenue drop to RM4.19b compared to RM4.51b same period last year
nine-months ended Sept '16, FGV lower pre-tax profit RM14.14m

compared to RM200.71m recorded last year

due to lower crude palm oil production

lower earnings from downstream segment 
losses incurred by jointly controlled entity.

significant losses suffered by jointly controlled entity due to stock losses 

board expects FGV Group to record loss for full financial year
- Bernama

Fuiyyo what a disaster story.  

But folks, wait first. It is not over yet.  What I have reproduced above is OLD news. 

Yesterday there was another case of serious fraud in Felda, this time in their subsidiary in Turkey. 

Here is the news :

The FGV subsidiary in Turkey has suffered losses due to fraud.  How much? Not much lah. RM57 million ONLY.  Peanuts.

Because FGV is a listed company they also had to make an announcement to the Bursa about this fraud in Turkey. Here it is :

But rest assured folks, all these crooks are the sembahyang lima waktu type, they will go to the umrah and the pilgrimage, they will never miss the sembahyang Jumaat, they wont eat any food without the halal sticker etc.  First class munafik - pecah rekod neraka sekali. 

"Oh big Kahuna, thank you for the kampong people"

And the FGV share prices have been crashing. Here is the FGV share price chart from the Bursa Malaysia :

When it was listed in 2012, FGV's share price was RM4.55. 

This year it hit a low of RM1.35 - toilet paper price.

Currently the FGV share price is about RM1.60 which is 35% of the listing price.

Ok folks, now here is the real bad news.

A few days ago on 16th November,  770 Felda settlers lost a legal case they filed against Felda in Court.

Here are some of the settlers. These are simple kampong people.  

Their complaint is that Felda has begun short changing them in calculating the oil extraction rates from their FFBs.  

This dispute is fairly new, only after Moron became PM.   Under Tun Dr Mahathir there was no such complaint filed by the Felda settlers.  Dr Mahathir never cheated the Felda settlers. Or the Felda settlers never felt cheated during Dr Mahathir's time. 

Here is more. Since the 770 settlers lost the case in Court, they now have to pay RM350,000 legal fees and Court fees. That is about RM500 per person.

There is more bad news.  Before the Moron came to power, the Felda settlers were paid cash almost immediately for their harvest.

Under Moron, it became 15 days. Then one month. Now it takes 45 days post harvest before the Felda settlers get paid their hard earned money. Felda and FGV are facing cash flow constraints. 

With so many hundreds of millions of Ringgit being lost through FRAUD, CORRUPTION and CHEATING, there is less immediate cash to pay the settlers. 

Can you imagine waiting 45 days to get paid for your labour?

How do the settlers survive without being paid for 45 days?  
The short answer is hutang. 
The Felda folks are now in debt.  

The situation is very bad in the Felda settlements.  It is getting more worse.

There is no turnaround in sight for FELDA or FGV. 

p.s. I forgot, so what was the secret of Felda's success under Tun Dr Mahathir for 22 years?

The Felda idea is based on a cooperative. It was NOT based on a 100% commercial, profit making model. Felda was a cooperative undertaking.

The settlers provide the labour and manpower. FELDA provided the land and capital to grow the oil palms.  

The settlers only job was to tend to the oil palms and harvest the fruits.   FELDA would take care of the rest.

FELDA bought the FFB from the settlers at a price that was 'below' market - at a certain discount. In return FELDA provided for ALL their immediate needs - roads, housing, water, electricity, schools for the kids (all paid for), hospitals etc.  It had to be a give and take. 

And for decades this was very successful.  It worked - for decades.

Then some dunggus came and changed it. The tried to change something that was already succesful and working very well. They tried to fix something that was NOT broken.

They tried to make it more commercial. They went for a listed vehicle. They wanted to build restaurants overseas, set up pastry shops (??) - all of which deviated from the original intent of Felda.  

Felda is a cooperative organisation - a self help organisation that is NOT fully market oriented or 100% commercial based.  

Then to make things even worse the thieves, the crooks and the kleptocrats took over. 

That mamak fellow is in the background. That CEO with the fake PhD was another introduction by the mamak - so they say.

1 comment:

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