Felda has RM12.6 billion in acquired debts, claims Rafizi

The PKR vice-president wants Felda to prove him wrong by filing its 2015 and 2016 financial statements at next month's parliamentary sitting.

KUALA LUMPUR: PKR vice-president Rafizi Ramli wants Felda to table its 2015 and 2016 financial statements at next month’s parliamentary sitting.

If it fails to do this, then the people, including Felda settlers, will be forced to judge Felda’s performance based on his own calculated assessments, he said.

Rafizi claims the acquired losses come to RM12.6 billion.

“I know that Felda is not making any money because it has been making losses since 2012.”

Speaking during a press conference via Facebook from Invoke today, Rafizi pointed out that although Felda was required by law to table its audited yearly financial statements in Parliament, the last time it did was in 2014.

He also noted that Felda chairman Shahrir Samad had in February said the statements would be tabled in the March parliamentary sitting.

“Two parliamentary sittings have passed and the statements have yet to be seen,” Rafizi said.

Rafizi noted that he had brought up the matter last August and requested an explanation from both Shahrir and Prime Minister Najib Razak. To date, they have remained silent on the matter, he added.

“I know that the reason these two are keeping quiet is because they are praying that the matter will slowly die off.

“I also know that if the 2015 and 2016 financial statements are tabled, it will cause big trouble for Najib.

“It’s becoming a trend that whenever companies owned by the government are embroiled in scandals, there’s a delay in the tabling of their financial statements.”

He claimed that the last time 1MDB had submitted its financial statements to the Companies Commission of Malaysia was in March 2014.

He said that he had made an assessment of Felda’s financial situation, based on the last financial statement it tabled in 2014 as well as media reports.

The 2014 statement showed that Felda had debts of RM7.7 billion.

Deputy Minister in the Prime Minister’s Department Razali Ibrahim, in reply to a question in Parliament in 2016, had said Felda had acquired RM2.6 billion in debts.

A report from an Indonesian business news provider had also revealed that Felda had to pay Eagle High Plantations for purchase of shares in April costing RM2.2 billion.

“The total comes to RM12.6 billion. Its group earnings have not been more than RM1 billion each year.

“RM1 billion each year is only enough to pay off the interests on these debts, not the principal.

“The best way for Najib to defend himself and the numerous promises he’s made to Felda settlers is to ensure that the 2015 and 2016 financial statements are tabled as soon as possible.

“If this is done and it turns out that I’m wrong, then I will accept whatever legal action that is taken against me.” - Mkini