Even pilgrims' fund Tabung Haji not spared: Najib accused of selling out to Robert Kuok

Corporate Malaysia is starting to look really grubby as the Najib administration gears up for the nation's 13th general election widely expected to be called before the end of this year, with shady and dubious deals galore bulldozed through on an almost weekly basis.

GE-13 is expected to be the mostly tightly contested, with Opposition Leader Anwar Ibrahim and his Pakatan Rakyat coalition believed to have an even chance of taking the federal government from the Umno-BN, which has ruled the country for 55 years.

Knowing this, Najib who is also the Finance minister, has hammered in a slew of mega-deals that pundits say were obviously over-priced and aimed to help Umno-BN and its cronies cash out. Recent examples include a RM7.1 billion 60-year toll road concession and the sale of Maju Expressway for RM1.5bil, reaping its owner an RM1.2 bil profit as the majority of the costs were financed from government grants.

Tabung Haji also not spared

Now the latest concern is the purported sale of pilgrimage fund Tabung Haji's oil palm plantations to a company believed to be controlled by Malaysia's richest man, Robert Kuok, the former sugar king.

Pakatan leaders have demanded a clarification from Najib as to why the alleged deal was rushed through and concluded in secrecy. They believe that it is linked to Najib's prized IPO, the share sale of Felda Global Ventures Holdings, which has hit a speed bump due to objections from the land settlers themselves.

"This action is suspicious because there was no explanation from Tabung Haji and the Prime Minister Department as to why such a valuable asset sold in desperation," Harakahdaily reported PAS vice president Husam Musa as saying on Wednesday.

Desperate action that benefits Umno-BN but exposes the Malays to financial erosion

Both the Felda - a national land settlement scheme - and Tabung Haji have huge impact on the lifestyles and financial well-being of the Malay community - the largest electorate in the country.

The Felda settlers have objected to the FGVH IPO on fears that Umno and Najib were only trying to reap short-terms gains while exposing their lands to the possibility of a takeover action should foreign planters corner the Felda shares in the open market once the listing is allowed to go through.

As for Tabung Haji, Husam said its oil palm plantations covered an area of 83,000 hectares in Riau, Indonesia, yielding a total of RM3million per day for the pilgrimage fund and its main depositors - the everyday Malay folk.

"We were informed that this sale was made in a hurry to a company owned by Tan Sri Robert Kuok," said Husam, who is also an executive councilor in the PAS-led Kelantan state government. PAS together with PKR and DAP form the tripartite Pakatan coalition.

"We are of the view that this is one of BN's desperate measures to cash out of the assets owned by the agency or corporation involving the national interest and the public. And this is probably the second step after the step of listing them in FGVH was disrupted."

At 89, Kuok is on the Forbes list of the world's wealthiest men. Disenchanted with the racial-favoritism policies promulgated by the Umno-BN, Kuok left for Hong Kong and China in the 70s and struck it big. The majority of his fortune comes from his overseas assets, but he still maintains close ties with the ruling regime in Malaysia, helping them to sew deals with his international connections and stable of companies.

As for the controversial Felda IPO, this is believed to be the brainchild of Najib's close adviser Omar Mustapha, a Petronas director whom Umno insiders say is slated to become the next Mentri Besar or chief minister of Johor if Najib succeeds in getting his way in Umno.

Malaysia Chronicle