NFCorp chair Salleh glad to be cleared after decade-long trial

 

National Feedlot Corporation executive chairperson Mohamad Salleh Ismail lauded the court’s decision after it ruled that Putrajaya failed to prove any wrongful use of the RM250 million loan to the company.

“I would like to express my gratitude to God that the allegations that have been cast upon me and my family for over 12 years have finally been proven false.

“The decision made by the High Court of Kuala Lumpur on Oct 13, presided over by Judge Anand Ponnudurai, clearly and unequivocally vindicates me and my three children of the accusations that have been thrown at us since the NFC trial that began in 2012, and even earlier,” said Salleh in a statement.

“Although I had been previously ‘convicted’ in the court of public opinion, I am grateful that on this Friday, the most important of all days, the country’s legal system upheld the truth and exonerated me and my family,” he added.

Salleh said that his wife, former minister Shahrizat Abdul Jalil, also became the victim of political slander and persecution.

“When she willingly resigned from the cabinet due to the allegations, I, too, was deeply saddened,” he said.

Anand yesterday delivered his verdict over the federal government’s lawsuit against NFCorp and 10 other defendants, which included Salleh.

The judge ruled that there was no wrongful use of the loan sum and no breach of fiduciary duties by the 11 defendants, which also included Salleh’s three children - the company’s chief executive officer Wan Shahinur Izran, and directors Wan Shahinur Izmir and Wan Izzana Fatimah Zabedah.

In fully exonerating Salleh’s family from any allegation of misappropriation, the court also found that the federal government breached the Implementation Agreement (IA) when the plaintiff failed to construct the Export Quality Abattoir (EQA) and breached the Loan Facility Agreement (LFA) by unlawfully terminating it. - Mkini

Anand pointed out that it was not unlawful for NFCorp to utilise part of the loan to invest in properties in the name of the company, thus resulting in the company not going against the loan agreement and IA.

In reading out the lengthy ruling, the civil court found that the ambitious project’s targets were not met due to the government’s failure to build the EQA.

The judge directed NFCorp to return RM33.7 million of the unutilised loan amount to the government.

Anand also ordered for the investment properties to be transferred to the government.

The court allowed NFCorp’s counterclaim against the government for breach of agreement and allowed for nominal damages of RM10,000.