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“FELDA telah menyelesaikan bayaran balik kesemua hutang ini pada thn 2000 termasuk baki pinjaman yang matang pada thn 2020. Walau bagaimanapun, bermula thn 2009, FELDA kembali membuat pinjaman dpada KWSP,” Kertas Putih. The year Kleptocrat became PM, destruction of FELDA began.
“Susulan itu, hutang FELDA telah meningkat sehingga tujuh kali ganda kepada RM10.67 bilion pada tahun 2018. Situasi ini menyebabkan kedudukan kewangan FELDA berada dalam keadaan yang kritikal dan akibatnya FELDA menghadapi kesukaran untuk memenuhi komitmen kepada peneroka.”
Why can’t the Peneroka see this destruction caused by one man and his political appointees to the BOD?
“Kos program penanaman semula kelapa sawit dan getah untuk setiap peneroka memerlukan perbelanjaan yang besar, iaitu maksimum RM254,400 bagi penanaman semula kelapa sawit. Kos ini ditanggung dahulu oleh FELDA dan akan menjadi pinjaman yang perlu dibayar balik oleh peneroka.”
This is a bit problematic. FELDA scheme is not new. The earliest was started in 1957 and almost all hv gone through at least one cycle of planting palm or rubber. The settlers must be educated to set aside some portion of their income so that they don’t look for loan all d time.
Having 10 acres of Government allocated land to select few families in Malaysia is already a huge advantage. They should be made to be self-reliant instead of the Kleptocrat’s way, which is to corrupt everyone by cash handouts.
Ok.. FELDA estimates that the actual debt created for FELDA settlers during the 8 years of replanting was only around RM150k as the remaining sum is offset against replanting cess collected from settlers during productive years.
Most of the RM150k comes from the Bantuan Sara Hidup loan of RM1,500 per month given up to 8 years of replanting to maturity of palm trees. Of course, original visionaries didn’t expect this Bantuan Sara Hidup. Otherwise, they could have set the replanting cess to a higher amount
“Pada awalnya, pembiayaan program ini hanya menggunakan peruntukan dalaman FELDA. Mulai tahun 2009, FELDA telah membuat pinjaman daripada institusi kewangan dengan kadar faedah antara 4.0% hingga 6.0%.” Again, the year Kleptocrat became PM.
”Berdasarkan perjanjian, FELDA sepatutnya mengenakan kadar faedah sebanyak 6.25% ke atas pinjaman peneroka. Walau bagaimanapun, kadar faedah efektif yang dikenakan kepada peneroka hanyalah sebanyak 3.8% sahaja. Perbezaan kadar faedah tersebut ditanggung oleh FELDA.” Subsidies..
“FELDA menawarkan pinjaman SH dan PDH sebagai pilihan kepada peneroka selama 8 tahun bagi menampung kelangsungan hidup peneroka semasa tempoh penanaman semula. Walau bagaimanapun, FELDA tidak dapat membuat pembayaran SH dan PDH secara konsisten disebabkan masalah aliran tunai”
”Kelewatan pembayaran ini telah menimbulkan rasa tidak puas hati dalam kalangan peneroka dan generasi baharu FELDA.” The settlers need to know that the corruption, mismanagement and low integrity level of then ruling politicians and FELDA Management affected them personally.
“Berdasarkan surat perjanjian antara FELDA dan peneroka, hasil ladang perlu dihantar melalui pengurusan FELDA ke kilang yang telah ditetapkan. Walau bagaimanapun, terdapat peneroka memilih untuk menghantar hasil kepada peraih persendirian untuk mendapatkan tunai segera.”
“Keadaan ini menyebabkan FELDA tidak dapat membuat potongan pinjaman melalui penyata pendapatan peneroka yang seterusnya menjejaskan aliran tunai FELDA.” Integrity is not only needed among FELDA but also the settlers. Hutang mesti kena bayar balik.
“FELDA telah membangunkan 8,314 unit rumah di atas 38 tapak projek dengan jumlah kos pembangunan bernilai RM1.65 bilion. Dari jumlah tersebut, hanya 1,498 unit (18.0%) telah siap sepenuhnya di lapan tapak projek”
“dan 3,296 unit (40.0%) di 12 tapak telah mencapai kemajuan melebihi 70.0%. Manakala, baki 42.0% berada di tahap kemajuan kerja yang perlahan dan terbengkalai. Antara faktor yang menyebabkan masalah tersebut termasuk tiada perancangan dan due diligence yang tidak dilaksanakan.”
This FELDA housing need comprehensive investigation as to what went wrong. Billions down the drain.
“Kos pembinaan rumah PGBF sebanyak RM198,000 seunit adalah jauh lebih tinggi berbanding harga jualan yang bermula dari RM90,000 seunit. Tanggungan subsidi yang tinggi telah membebankan FELDA, terutamanya dalam situasi aliran tunai yang kritikal pada masa ini.” Disaster!
“Program Innovasi” “Economic Power House” all that jargons they use to confuse people and rob the wealth... 
The basis of FGV IPO that went very wrong. Bankers and consultants reaped hundreds of millions as fees.. Expected RM800 million per annum for FELDA. But only receiving 50% of it. Mazlan Aliman of @anak_twit deserved millions for attempting to stop it than those advisors.
They received RM10.5 billion from listing but all got burnt. At least RM500 million has gone to bankers and consultants.... 😡😡
“Pelantikan Tan Sri Isa sebagai Pengerusi FELDA dan pengerusi lembaga pengarah syarikat bersekutu FELDA seperti FIC dan FGV adalah bertentangan dengan amalan terbaik dalam tadbir urus korporat serta mekanisme semak dan imbang.” Najib picked a known fox to guard a hen house!
“Pembelian hartanah oleh FELDA dan FIC telah dibeli atas nama Tan Sri Isa dan Mohd Zaid bin Abdul Jalil tanpa melaksanakan kajian due diligence dan kelulusan Lembaga Pengarah FELDA.” What else you can expect from these fellas?
Almost all of these investments made after the listing got scandal... Kleptocrat’s modus operandi: ‘Commit too many crimes so that people get confused as to where to start to catch you.’ Or simply people won’t be able to believe that one can commit so many thefts...
As part of the Forensic audit on FELDA, EY Forensics Team only investigated 8 sample investments. And all 8 got hanky-pankies. So far, only in one scandal, we saw conviction and another scandal by TS ISA is awaiting trial date. A long way to go to clean up FELDA.
Now the scandals. 1) Eagle High Plantations stocks worth USD115 million based on Dec 2015 stock price was bought for USD505.4 million. That is paying almost 4 times the value of stock. Only special idiots or outright thieves would do so. I believe it is the later.
Scandal 2) In the election year of 2011 in Sarawak, jokers from FELDA bought a company called Dataran Aras Sdn Bhd for RM148 million. This company had 10,907 hectares of land but the information that it is NCR land was not conveyed to the BOD by the Management.
Scandal 2 continued: Essentially, that land belongs to the Natives of Sarawak but some cheats packaged it and sold it to FELDA. FELDA has now written off almost 100% of the investment, i.e. RM146 million. Not sure whether they can do anything with the land now.
Scandal 3) Purchase of Grand Borneo Hotel for RM86.4 million. Overpaid by RM8.4 million. (I personally think that the overpayment could be much more as you can usually kowtim with the valuer to get the value u want). 98% of purchase consideration was paid in 2 days. #Hurried
Scandal 4) Purchase of Grand Plaza Serviced Apartments in UK on 31 Julai 2013. Purchase price GBP98 million but the seller only recorded GBP83.7 million. Difference of GBP14.3 million (RM78 juta) cannot be traced. Hilang. Magically disappeared.... I believe the loss is much more.
Scandal 5) 20 acres of Jln Semarak land (next to Jln Tun Razak and within 2 km of KLCC) worth RM1.062 billion (or RM1,215psf) was given away for a minimum guaranteed sum of RM500 million or 10% of the GDV. To me, even the RM1,215psf is suspect. Land near KLCC goes above RM3kpsf.
Scandal 5 continues) To add insult to injury, FIC signed up for a lease agreement of 700,000 sq ft office space for 20 yrs when they actually need only 25,600 sq ft. Rental rate RM10.15psf per month when Tabung Haji’s platinum towers next to KLCC can’t even get RM6psf!
If I can conclude on Scandal 5, essentially selling land of 20acres worth RM2.2billion (based on assumed market value of RM2,500psf x 43560sq ft x 20) for just RM500million, which will result in a loss of RM1.7 billion. And then pay a rental of RM1.5 billion. Total loss RM3.2b!
Scandal 6: Felda Wellness Corp’s investment in biopharmaceutical had many Governance breaches bordering fraud. The company is now sitting in a net liability position of RM185.6 million... More legal suits are filed against the company by creditors, which are pending hearing.
Scandal 7: Park City Grand Plaza Kensington Hotel London was purchased for GBP60 million without S&P. 100% payment was made within one month after the Directors of FIC approved the payment. Crazy stuff.
Scandal 7 continued: FIC appears to have used another S&P between its subsidiary H and a company called I, which reflected a purchase price of GBP 46 million. Actual payment made was GBP60 million. Brazen fraud as if they are afraid of no one...
More on Scandal 7: Ownership of the Hotel was appeared to have transferred to FIC’s subsidiary only 8 months after the payment was made. Probably after Bro @rafiziramli highlighted this matter in his blog...
Ending on Scandal 7: Based on a valuation by a valuer, the Grand Plaza Kensington Hotel was valued only at GBP26 million in Jun 2015, which was 9 months after the purchase. Loss of RM187 million! 😡
Scandal 8: Bought two plots of vacant land in Wembley, all through two intermediary companies who inflated the cost by a total of GBP13 million pounds (RM71.5 million). One of the intermediary company flipped the land within 13 days making a profit of GBP 7 million pounds).
Scandal 8: One of the intermediary company who flipped the land was also appointed to construct two buildings, which are now known as FELDA House and Grand FELDA house. Only God knows how much the construction contracts were inflated.
EY reviewed 8 sample investments, all 8 turned out disastrous. Now FELDA need to go through a very wholesome audit. Can’t turnaround this if all scandals are not uncovered and the people responsible for this at Management level is not fired from it, if not already done.
