SUNGAI BESI: PKR vice-president Rafizi Ramli has alleged that the Federal Land Development Authority (Felda) paid a premium of almost three times more, or 290%, of the price of shares in PT Eagle High Plantations Tbk (EHP).
“Even if Felda has a lot of money, no right-thinking person would agree to buy a 37% stake in EHP.
“What I am least able to accept is that this purchase is taking place when Felda is in a moribund financial state.”
Felda has announced the RM2.263 billion purchase of the Indonesian concern.
Several parties, including CIMB Group chairman Nazir Razak, have questioned the feasibility of the stake purchase, which was deemed too expensive.
Rafizi, at a press conference at Invoke Malaysia headquarters today, also questioned why the financial statement for Dec 31, 2015 had yet to be handed to MPs.
He said Felda was in financial dire straits following a net loss of RM2.312 billion in 2013 and RM1.023 billion in 2014.
“The amount of cash on hand, bank and fixed deposits held by Felda dramatically reduced from RM684 million in 2013 to RM291 million in 2014.”
Rafizi said Prime Minister Najib Razak must answer queries on why Felda decided to buy the 37% stake as the PM had close ties with Indonesian tycoon Peter Sondakh, the owner of EHP.
The purchase was made through fully Felda-owned company, FIC Properties Sdn Bhd (FICP).
FICP has signed the share purchase agreement and is awaiting the approval of the authorities in both countries. -FMT