'NFC directors have taken out RM81.4mil from company'

Directors of the National Feedlot Corporation (NFC) have transferred close to RM81.4 million from the company account into external companies as of 2009, said DAP national publicity chief Tony Pua today.

The amount, he said, is held by private companies under the directors and there is no guarantee for it to be returned to NFC.

"The directors have emphasised that all these companies are either subsidiaries or associated to NFC.

“But the accounts since 2007 showed NFC has no subsidiaries," he said at a press conference at the DAP headquarters in Kuala Lumpur this morning.

According to the NFC's 2009 financial report, it states: "Included in other receivables and deposits of the company is an amount of RM81,324,745 (2008: RM32,275,493) due by companies which are associated with certain directors of the company.

The amounts are unsecured and have no fixed term of repayment."

Pua said, "This means that we don't know if we can get the money back."

[More to follow]