Gov't says committed to recover NFC RM250 Million money

Agriculture and Agro-Based Industries Minister Noh Omar today said that the government is committed to recover its RM250 million loan to the National Feedlot Corporation (NFC) but added that it would take time.

“The government is already in talks with a number of companies... to take over the management (of the National Feedlot Centre) and the most important thing is that the government’s money is recovered,” he told Parliament during the committee stage of the Agriculture Ministry’s budget debate this evening.

“It will take time... look at the MITP (Malaysian International Tuna Port takeover)... it took more than a year, ding dong ding dong, because there is a need to acquire the liabilities and determine how much will be paid to the government,” he said.

Noh (right) was comparing the present planned takeover of the national beef valley to a similar 2010 incident where a company had poorly managed the Batu Maung deep-sea tuna port, prompting the government to step in.

“At present there are a few companies that had come and given their respective recommendations...

“We are still in discussion on how to take over, not only in terms of money but also the legal and technical aspects,” he said.

Noh said Deputy Prime Minister Muhyiddin Yassin has been placed in charge of the takeover and the government was serious about maintaining the National Feedlot Centre as it was crucial for the country’s beef supply.

Despite the flop, Noh said that 38 of 57 surrounding satellite farms under the project had proceeded as usual, managing a total of 12,000 cows.

When queried by Zuraida Kamaruddin (PKR-Ampang) how could NFC continue managing the centre in the interim when its assets had been frozen, Noh speculated that the company may have other sources of financing.

“Maybe they have their own way to continue but I can say that what they are doing now is not as great as before,” he said.

He added that NFC had previously applied to have its assets unfrozen but it had been rejected.