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Sunday, December 18, 2016

PAS: Isa Samad to blame for FGV losses

PAS deputy president Tuan Ibrahim Tuan Man says housing projects for Felda settlers are abandoned, giving rise to questions on Felda's financial health.
Datuk-Tuan-Ibrahim-Tuan-ManPETALING JAYA: PAS has blamed Felda Global Ventures Berhad (FGV) chairman Isa Samad for the plantation giant’s worsening financial situation and other irregularities, citing poor management.
PAS deputy president Tuan Ibrahim Tuan Man said FGV’s losses are not only because of the low palm oil price in the global market, but also due to poor management.
He said it was difficult for Felda settlers to understand the situation the plantation giant is in, especially when one of its subsidiaries in Turkey is currently embroiled in alleged malpractice.
“Felda settlers are wondering how Felda Iffco Gida Sanayi had caused a RM57 million loss to FGV in terms of the value of its stake in the company,” Ibrahim said of the subsidiary which is a 50:50 joint venture with United Arab Emirates-based Iffco Holdings Ltd.
“We were told the (stock value) losses are being checked by forensic auditors. What is the update on this?
“We feel Felda chairman Isa Samad should be held responsible for the losses,” Ibrahim said in a statement today.
FGV, the world’s largest crude palm oil producer, had reported less than desirable returns over the past few years.
Business Times recently reported FGV revenue as having dropped from RM4.5 billion a year ago to RM4.19 billion.
FGV had said the drop in revenue was due to an unusual stock loss, amounting to some RM57 million, from the stake it owned in a subsidiary of a jointly-controlled entity in Turkey.
FGV expects another year of losses in 2016 as its net loss for the third quarter ended Sept 30 increased to RM94.87 million from RM33.92 million in the corresponding period last year.
Tuan Ibrahim also pointed out that many development projects to build homes for Felda settlers have been abandoned, which raises questions about FGV’s financial health.
“The fate of the Felda settlers and FGV’s performance will determine Umno’s fate in the next polls,” he said.
FMT have contacted FGV chairman Isa and are still awaiting a response as at the time of publication. -FMT

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