NFC exec calls lavish spending claims 'fairy tales'

National Feedlot Corporation (NFC) executive director Wan Shahinur Izmir Salleh today vented his frustrations over allegations that he and his family members are spending lavishly using the RM250 million government loan disbursed to the company.

In a dialogue with NGOs in Kuala Lumpur today, Izmir said that the claims are all “fairy tales”.

“The claim that we bought luxury condominiums, Ferraris and lingerie worth RM26,000 are fairy tales... I’ve never even sat in a Ferrari,” he said.

According to Izmir (left), the claims are illogical as the RM250 million is a “hefty loan” which if spent frivolously can send his family into ruins for generations.

“They also say I earn RM45,000 a month. I can only say 'Amin, Alhamdulillah' if this is true but this is slander,” he said, adding that he is very sakit hati (frustrated) by the claims.

Izmir added that it was unreasonable to write off a 30-year project after three years and that they are “still growing” and have used these three years to lay the foundations.

“I am inviting those who are interested to follow NFC’s journey until the end,” said Izmir, who left after 35 minutes and answering two questions form the representatives of the 40 NGOs present.

He also stressed that the purchase of the One Menerung condominiums in Bangsar was an investment to ensure the company can make the interest payments on the loan.

“They keep saying there are cows living in the condominium. As far as I know there are no cows there, only tenants who pay rent that is channelled back to the company,” he said.

Izmir, who seemed taken aback by media presence, also said NFC cannot just close shop as it has 160 people on its payroll.

NFC corporate communications manager Khaidir Jamal claims that his boss, who was two hours late for the dialogue session due to “unavoidable reasons”, was rushing to the airport as he is going to Mecca.

Speaking earlier, Khaidir said that the company which is integrator for the National Feedlot Centre project is facing difficulties as the asset freeze had spooked suppliers.

“We have been judged before any evidence was found. What saddens us the most is that suppliers are now asking for cash (instead of extending credit).

“Our sales are RM1.5 million a month so when suppliers ask for cash it really jeopardises (our operations),” he told about representatives from about 40 NGOs.

Khaidir added that the probes are also keeping NFC top executives, including cabinet minister Shahrizat Jalil’s family members, at the enforcement agencies offices “eight to nine hours a day” for the past one-and-a-half months.

He added that NFC chairperson Mohamad Salleh Ismail is also “very saddened” by those who accused him of being unqualified as the latter has a PhD in food science and is published in many journals on the area of food technology.

He said that it is also unreasonable to say that he used his wife’s position to gain the project as Mohamad Salleh was already a known figure among the country’s leadership from his work at the Technology Park Malaysia.

NFC asked AG for help

The corporation communications manager also said that the company, which signed a loan agreement worth RM250 million with the government  in 2007, had also written to the Auditor-General to ask him to allay public confusion.

“We said ‘Please Tan Sri, can you help clarify things because things are all mixed up between National Feedlot Corporation and National Feedlot Centre',” he said, of a request made before the AG issued a press statement.

In his statement the AG said that the audit was on the National Feedlot Centre which in the audit’s opinion did not meet its objectives.

Khaidir (left) added that NFC’s existence also benefits the Malays as its purpose is to create a “network of Malay businesses”.

The National Feedlot Centre project, he added, had been halted in 2009 pending a viability study by independent consultants UPM Holdings, which found that the project has “high impact”.

“It can reduce by 40 percent our beef import dependency and create a network of entrepreneurs and cattle ranchers” he said.