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Tuesday, January 17, 2017

Shahrir admits there are 'leakages' in Felda



Felda chairperson Shahrir Samad admitted that there are "leakages" in the federal agency, more specifically in investment arm Felda Investment Corporation Sdn Bhd (FIC).
He said this was why Felda is now forced to look for extra earnings to absorb its losses, which the Public Accounts Committee (PAC) said it must do.
"Yes Felda has a lot of leakages, the PAC report noted leakages in its projects implemented under the FIC which incurred losses from it.
"Which is why we need more earnings to pay for the (losses from the) leakages."
"I do not deny that leakages occurred and many complained that Felda made decisions to engage in unprofitable ventures. It impacted our finances and that is why we are selling our shares in Maybank," he said at a press conference at Menara Felda in Kuala Lumpur today.
Today, Shahril instructed all FIC board members to resign in order to facilitate a restructuring of the company.
FIC is a subsidiary of Felda tasked with engaging in non-plantation related ventures.
This is the first substantial step that Shahrir has taken in line with his earlier announcement of a major shake-up in Felda top management.
Proceeds from Maybank sale
The Felda chairperson also denied allegations that the sale of its stake in Maybank is to finance its purchase of a 37 percent stake in Indonesian plantations firm PT Eagle High Plantations Tbk (EHP).
"It is just speculation. We are not using the proceeds from the Maybank share sale to pay for the EHP purchase.

"The monies will be used to pay for management costs which will benefit the settlers, other than to balance out the cashflow of Felda and its subsidiaries," he said.
When asked to comment on what the future holds for Felda Global Ventures (FGV), he said that the agency's subsidiary will be re-evaluated as soon as possible, a process he expects to last between six to eight months.
"FGV has its own focus, while Felda will look after the welfare of the settlers, other than managing assets and investment both at home and abroad," he said.- Mkini

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