MALAYSIA Tanah Tumpah Darahku


                                                                                                                                     KKLIU 1211/2017
CLICK HERE :http://oze.my/

Wednesday, December 14, 2016


This is a very informed comment by Dato Wong Chun Wai in The Star (Sat, 10 December 2016).  I have truncated as usual. My comments in blue.
A roller coaster ride in store for FGV
Big responsibility
massive task for CEO
has to grapple with headaches
has to clean up organisation
(It depends on whether the CEO is facing an 1MDB type situation – which is what some folks are saying (like Aliman). In which case he better change his name to Karut Anda)
LET’S get straight to the point – FGV is in serious problem
that’s an understatement – FGV heading towards roller coaster
(Talk is cashflow is so tight, not only settlers are getting paid after 45 days, but the lorry contractors – the guys who collect the FFB and transport it to the mill – are paid two – three months late. So they borrow from Ah Long for three months. They are going to stop driving their lorries. )
FGV undisputed worst plantation stock ever since IPO in July 2012
share price decline so bad company removed from KLSE Index stocks last year
Since hyped-up listing at RM4.45, battered stock at RM1.67
whopping 62.5% decline in share prices
attributed to inefficiencies and weak palm oil prices
(Well other oil palm stocks have not declined 62.5%. How come IOI, KLK, United Malacca (?) etc are doing just fine?)
what is hard to digest is fraud in 50%-owned unit in Turkey
incurred stock loss of RM57mil.
(Pak Arab, Pak Turki semua datang liwat di Malaysia. Mangsa sedang tunggu.)
FGV’s net loss for 3rd qtr (Sept 30) widen to RM94.86mil
from loss of RM33.9mil a year ago.
FGV shares plunged further 11% when news broke
warrants suffered bigger losses.
new CEO assumed position in March
to save RM100mil in costs by year end
holes are getting bigger
fraudulent acts in a subsidiary
currently subject of forensic audit
manipulation of stock figures, forge signatures of board members
units involved are Felda-Iffco and its unit Felda Iffco Gida Sanayi.
Felda-Iffco is 50:50 (JV) with Dubai-based IFFCO International.

(Kena liwat Pak Unta lagi. RM60 Juta saja. Tak banyak. Felda kan ada banyak lagi duit.)
serious discrepancies in financial report submitted
COO of said company left
FGV not aware of problems until after he left
(“not aware of the problems?” Maksudnya FGV tidur saja. Atau pun there were people in FGV bersubahat with some Pak Untas. That is why some ‘anak Felda’ say this is another 1MDB situation.)
when JV initiated in 2009, investment by FGV was RM66mil.
Felda-Iffco then invested RM60mil to develop margarine and fats biz
FGV facing losses – problem explaining to shareholders
poor governance, fraud, cheating are harder to explain
(The prepaid bloggers pointed out that the ex CEO had a PhD from a “university” that could not be properly “defined”. Ha ha ha. Now they are on the same side. Padan muka. Pencuri, penipu, pengkhianat.)
obvious poor replanting mgmnt, poor oversight, poor controls on subsidiaries
FGV harvesting far less per hectare than other plantations
in efficiency and yield, FGV lags behind smaller competitors
market leader in production volume
annual crude palm oil production > 3m tonnes
FGV is a government “protected” stock
(Which is the problem as well)
financial highlights as of Sept 30, 2016 –
net loss of RM78mil
total borrowings RM5.77 bil
share price RM1.67,   (RM2.50 in Sept 16)
FGV CANNOT continue this way
(They will drive the lorries until they run out of fuel. Then they will get down and just stand by the roadside.)
2017 will be a tough year
looming storm ahead for FGV – worse yet to come
AllianceDBS Research predicted – FGV limited growth
older tree age profile limits organic near-term FFB growth
Here is the lipat.  FGV has no money for replanting. They have said somewhere along the way they need money to replant.
But in 2010 (six years ago) Felda borrowed RM6 billion from EPF “for replanting”.  What happened to all that money? So no lepat.
The IPO in 2012 raised RM9.3 bil – the 2nd largest IPO in the world in 2012, after Facebook. What happened to that RM9.3 billion that was raised?
FELDA had reserves of RM6b – RM8b circa 2004 (during the time of Pak Lah). What happened to all those billions?
FGV shares have lost 62.5% in value.  The Top 15 shareholders of FGV have lost almost RM8.0 billion in investment value.  This includes EPF, SOCSO,  Tabung Haji, Felda Land,  PNB, ASB, ASN2020 etc.  These are statutory bodies holding public funds in trust. How are they going to explain to the public?
Now The Star newspaper has boldly reported that FGV suffers fraud, mismanagement, ineficiency (and just a tidak apa attitude – my words.)
So what shall be the reaction of major shareholders like EPF, SOCSO,  Tabung Haji, Felda Land,  PNB, ASB, ASN2020 etc ? Will they still hold FGV shares until they hit below toilet paper grade? These are public funds. You will be in dereliction of your duty and fiduciary responsibilities to the public funds that you manage.
I believe EPF has loaned Felda RM6b in 2010.  Talk is Felda cannot service or fully service this loan. What is EPF’s response?  (Please dont tell me the whole damn Civil Service machinery is in cahoots? You are dealing with public funds ok. Say something and do something.)
From our own personal experience, if we as employers are late in making our monthly EPF contributions for our workers by just one day, then we get hit by a minimum RM200 fine by the EPF. Just for being one day late.
The EPF once sent me a legal letter (asking me to appear in Court) over a company with whom I have no more connections for over 12 YEARS (TWELVE YEARS !!)   Someone else took over the company 12 years ago.
So what is the EPF’s action against Felda for whatever monies owed by Felda to the EPF?
Here is something from Hornbill Unleashed in 2012 :
RM6.5 billion loan to Felda
RM6.5 b loan was taken by (Felda) from (EPF).
EPF stated the loan (w)as an investment that could contribute to a “better dividend achievement” for its contributors. But if Felda, as claimed by the government is in sound financial shape why the RM6.5 billion loan from the EPF? Why not from the banks or other international lenders? Of course these lenders would look into Felda’s risk rating and the interest rate will be higher. It cannot be a meagre 2% interest. Thus using the EPF money will be the most convenient for the government to avoid all these hassles.
Beyond that, if Felda has a healthy bank balance or cash reserves and claims to have assets worth more than RM19 billion why must it bother to take a huge loan from the EPF? And is the government transparent on all transactions involving the EPF – the amount of loans taken, who are those given the loans, their credentials and the profit and the loss incurred thus far? A senior manager of a company has this to say, “the EPF has not been transparent in its dealings, especially pertaining to its investments and “unrealised losses”.
So what happened to that RM6.5 Billion loan that EPF made to Felda in 2010?
Depa boleh bayar ke tak boleh bayar?
Or that they cannot service the loan in full (bayar tak cukup.)
So is EPF going to sue Felda?
Kenapa tak suruh Felda jumpa di Mahkamah saja?
Kalau orang lain, macam saya, terus suruh pi mahkamah.
Pandai bully orang kecil saja.
Felda pinjam bilion-bilion, tak bayar, tak jadi apa pun?
The NEP has failed. The biggest failure over the past 40 years is the failure to create people with any principles. Kaum yang tidak ada maruah.
Suruh pi duduk di saf depan, depa pandai.
Suruh pi umrah depa nombor satu.
Tapi basic principles, basic morality, basic maruah ‘yilek’. Tak ada.
But what is going to happen to FGV and FELDA?
You dont need to be a rocket scientist. When a company or a business is in trouble raising cash, they will have to sell their assets.
If they sell their own assets, it is called ‘selling assets to raise funds’. Which is a bad thing.
If other people sell their assets for them, it is called a ‘liquidation’ (bankrap in cakap pasar).

Link :   https://youtu.be/qOsvQgLn-Yw
But sell assets they must. FGV and Felda will end up selling their plantation land.
Can they sell their lands? Not all their plantations have properly subdivided land titles.  All their lands have been surveyed with titles issued but not all titles have been “split”.
If they want to sell their plantation who will buy their lands?
Chinese from China?
Maybe more Pak Unta?
Sime Darby?
Khazanah Nasional?
The following also have money but they are haram : IOI, Kuok Group, KLK, IOU Chettiar?
Better sell to Pak Unta. Boleh kena liwat lagi.
– http://syedsoutsidethebox.blogspot.my/

1 comment:

  1. Hal yang tidak pernah terbayankan kini jadi kenyataan kepada keluargaku,,,kusus untuk AKI SANTOJOYO kami ucapkan banyak terimakasih yang sebesar-besarnya kepada aki. karena berkat bantuannya alhamdulillah keluarga kami bisa lepas dari hutang dan masalah, karena nomor “GAIB” untuk pasang togel, hasil ritual AKI SANTOJOYO memang benar-bener merubah nasib kami hanya sekejap,dan disitulah aku berkesempatan kumpulkan uang untuk buka usaha kembali,karena rumah juga sudah disita bank,,warung makan juga sudah bangkrut,,tapi itu semua aku masih tetap bertahan hidup dengan anak istriku,,walau cuma ngontrak tapi aku tetap bersabar dan akhirnya AKI SANTOJOYO lah yang bisa merubah nasib kami..maka dari itu AKI SANTOJOYO orang paling bersejarah di keluargaku…!!!jadi kepada teman-teman yang di lilit hutang dan ingin merubah nasib seperti saya silahkan hub AKI SANTOJOYO di nomor: 085211599919 atau silahkan KLIK DISINI dan dengan penuh harapan yakin dan percaya insya allah apa yang anda ingingkan pasti tercapai.