Why Felda assets held by obscure offshore entities, Rafizi queries

PKR vice-president Rafizi Ramli has questioned why several of Felda's overseas assets are held by obscure companies registered in the British Virgin Islands (BVI).

He pointed out that this was despite Felda's audited report claiming the assets were held by entities registered in the United Kingdom.

For example, he said the audited report showed the Grand Plaza Kensington Hotel in London, purchased for RM330 million, was placed under FIC London Hotel (Private) Ltd registered in the UK but it was instead owned by a company of the same name in the BVI.

Rafizi said likewise, Felda's assets such as the RM380 million Felda House Wembly and RM656 million Grand Felda Hotel in Wembley, UK, saw a similar setup.

The two properties were placed under BVI-registered FIC Global Ltd instead of the one registered in the UK.

He pointed out that the UK-registered entities are listed as subsidiaries of Felda from public records but there was no mention about the BVI-registered entities bearing the same name.

"Why the need for Felda House to be placed under a BVI-registered company whose ownership is kept secret?" he asked in a statement today.

Rafizi added that with regard to Felda House, it was charged to Bangkok Bank Public Company Limited for RM60 million loan to FIC Management Houses Pte Limited.

The Pandan MP said checks found that FIC Management Houses Pte Limited, which manages the Felda House and collects rental, was a subsidiary of Felda's investment arm Felda Investments Corporation.

However, he claimed there was no record of the loan in FIC Management Houses Pte Limited's financial statement.

Rafzi urged Felda to clarify the ownership of the BVI entities and the status of the loan.- Mkini