Any progress on police report against Najib in Felda deal, asks activist

PETALING JAYA: A Felda activist has called for a progress report on police investigations into a report filed in April against former prime minister Najib Razak, which alleges that Felda was cheated into investing in an Indonesian plantation company.

Mazlan Aliman, the adviser to Persatuan Anak Peneroka Kebangsaan (Anak) said seven months had gone since Felda director-general Othman Omar lodged the report.

Mazlan Aliman.

Othman alleged that Felda had been cheated by Najib into investing US$505 million (RM2.3 billion) to buy a 37% stake in Eagle High Plantations, part of the Rajawali Group owned by by Indonesian tycoon Peter Sondakh.

Othman claimed that Sondakh was close to Najib and the amount paid for the stake had been 344% higher than its actual value of US$114 million.

Najib has defended the investment and has urged the Pakatan Harapan-led government to make public the agreement signed between Felda Global Ventures Berhad and Eagle High Plantations.

Mazlan claimed the deal was not subject to proper due diligence.

He said another local plantation had also been approached at the time, but declined, to purchase the Eagle High stake at a price lower than what Felda paid.

“So why did Felda go ahead with the purchase? Now it is proven that we will lose out. The issue has stalled, a report has been made, we hope the police can clarify what is the status of their investigations because it involves a huge purchase,” he said.

Najib has previously said that Felda stood to gain a huge profit from its purchase of the Eagle High stake should palm oil prices recover.

However, Felda could still make a gain if a “put” option was exercised by which Felda would sell back its shares at the original purchase price plus 6% annual interest.

FMT is seeking a response from the police. - FMT