Rafizi: Shahrir should account for RM11.4b, not just RM4.3b

Federal Land Development Authority (Felda) chairperson Shahrir Samad should account for RM11.4 billion, instead of just the RM4.3 billion from the Felda Global Venture's (FGV) listing, said PKR vice president Rafizi Ramli.

He was referring to Shahrir who reportedly said that RM4.3 billion went missing from Felda's coffers, though the Felda chairperson later accused the media of twisting his words in the report, denying that this was what he meant.

Rafizi alleged that what Shahrir reportedly said and his later denial, is not only inaccurate but also seem to hide the real extent of the funds missing from Felda, which he claimed were through leakages, mismanagement or bad investments.

"The RM4.3 billion he (Shahrir) mentioned was only from the sale of FGV shares to the public. The amount is only a portion of the funds managed and spent by Felda since 2010, when Isa Samad took office as Felda chairperson.

"As such, I hereby present a more accurate accounting that shows that the actual amount that Felda must account for to the people is not RM4.3 billion but RM11.4 billion," said Rafizi, quoting Felda financial statements and the auditor-general's report on Felda accounts.

This, he said was part of the AG's report on Felda breaching its mandated limits on funds that it can invest.

He said that according to the figures, the money on hand in Felda accounts when Isa took over was listed as RM4.584 billion, with an estimated RM788 million in the settlers' accounts, both totaling to RM5.372 billion.

While between 2010 and 2014, Felda had taken several loans, some from the Employees Provident Funds, for use by itself, as well as subsidiaries like FGV, totaling to RM7.769 billion.

And at end of 2014, Rafizi said that Felda had RM1.706 billion in its accounts.

As such, he said that the amount of Felda monies that Shahrir needs to account for to the rakyat is RM11.354 billion. 

He explained that the figure which is derived from RM5.372 billion that Isa inherited, plus the RM7.769 billion in loans and minus what Felda has in hand by then end of 2014, which is RM1.706 billion.

"That is why I stress repeatedly that Felda's financial woes is more serious and the amount involved is far larger than the RM4.3 billion that Shahrir mentioned.

"Indeed the latest series of arrests by the Malaysian Anti-Corruption Commission (MACC) involving senior mid-level officials involving hundreds of millions are far less than the RM11.4 billion that Shahrir must answer for," said Rafizi, adding that he will await an answer by the Felda chairperson on what happened to the funds.- Mkini