DID ISMAIL SABRI LIE TO FARMERS & FISHERMEN? Syed Mokhtar's Bernas denies any relisting plan

Did the Minister of Agriculture, Ismail Sabri Yaakob mislead the public when he said that the government had received a written pledge from (Padiberas Nasional Berhad) BERNAS, that upon delisting, BERNAS will undertake a restructuring exercise to re-list, upon which stakeholders such as Nafas (National Farmers Association) and Nekmat (National Fishermen’s Association) would each be given 5% equity ownership in BERNAS.

In a public announcement yesterday by BERNAS to a query by BURSA Malaysia over an article published by TheEdge on 10.2.2014, BERNAS has issued a statement stating that after a full enquiry from its directors and major shareholders, BERNAS denies knowledge of any written arrangement that :

(i) any corporate restructuring (of BERNAS) that includes an impending relisting plan; and

(ii) where the National Farmers Association (“Nafas”) and the National Fishermen’s Association (“Nekmat”) will eventually hold a 5% stake each in the newly listed entity.

Contradictory

The denial by BERNAS of such a written arrangement directly contradicts the Minister of Agriculture’s own earlier statement published by Bernama on 26.11.2013, that the government had received a written pledge by BERNAS that the proposed de-listing will not affect its shareholders as well as its responsibility towards the farmers and millers, highlighting that;

1) the delisting was only temporary until the company’s restructuring process is completed, and

2) BERNAS will be relisted on Bursa Malaysia, with Nafas and Nekmat each getting five percent shareholding in the company, which according to the Minister is more than before.

I had previously in November publicly pressed the Minister of Agriculture to produce the alleged written pledge by BERNAS for public scrutiny but failed to get any response from the Minister. I also raised an urgent motion in Parliament to debate the “restructuring and re-listing” plans of BERNAS after de-listing, as disclosed by the Minister, but my motion was shot down by the Speaker.

BERNAS is an important national strategic asset, and the outcome of the de-listing of BERNAS will affect hundreds of thousands of rice farmers. This is a very serious matter, and any move by the government to mislead the stakeholders and farmers to get the de-listing of BERNAS approved would be a betrayal of the government’s duty to look after their best interests. The Minister must clarify the latest statement by BERNAS immediately.

Gooi Hsiao Leung is Member of Parliament for Alor Setar, Kedah PKR Vice Chairman