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Sunday, February 12, 2017

PKR: Shahrir's RM4.3b revelation underscores need for RCI

PKR today commended Federal Land Development Authority (Felda) chairperson Shahrir Samad for revealing that RM4.3 billion raised in the Felda Global Ventures initial public offering (IPO) is untraceable.
However, communications director Fahmi Fadzil said it would amount to nothing if a royal commission of inquiry is not set up on Felda.
"Shahrir's openness in admitting the disappearance of the RM4.3 billion is the right thing to do but it is not enough if it is not followed up with stern action.
"In fact, Shahrir's admission convinces Malaysians that an RCI which includes opposition lawmakers can provide further explanation on the RM4.3 billion Felda scandal," he said in a statement.
He said the RCI should identify those responsible for the massive loss, trace the flow of the funds and steps to recover the funds to Felda.
"Without a doubt, those responsible in this scandal should be brought to justice," he said.
He also urged Shahrir to reveal the internal Felda investigations report to the public in a townhall session in each state with Felda settlements.
"This is so Felda settlers can hear for themselves how this RM4.3 billion mega scandal happened and who is responsible," he said.
Shahrir in an interview with Sinar Harian said the bulk of proceeds of the initial public offering cannot be accounted for.
He said Felda made RM6 billion from the listing, of which RM1.7 billion was distributed among Felda settlers to the tune of RM15,000 per household.
The remainder RM4.3 billion, however, was not accounted for.
He added that the auditor-general's report also found some RM200 million not properly spent.
The funds were spent without going through due approval processes, he said.
Gov't to look into the matter
Meanwhile, when asked about Shahrir’s statements, Finance Minister II Johari Abdul Ghani told reporters in Cheras that he would look into the matter.
He said the money may have gone into property or stock investments.
“I think we’d better take a look. Maybe they have made investments, and if they had, we want to see what investments they have made.
“So since Shahrir is there, he’d better take a look. Ask Felda’s finance department and see what investments had been made […]
“Never mind. Later I will check,” he said.- Mkini

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