Wednesday, April 10, 2019

A Con Job on Felda

Felda lodged a police report on Monday alleging they were duped by Najib Razak (left) into investing $505.4 million (RM2.3 billion) in an Indonesian plantation firm owned by a friend of the former prime minister. 

Their director-general Othman Omar claimed the amount paid to acquire a 37% stake in PT Eagle High Plantations TBK in 2016 was 344% more than its actual value of $114 million.

Note: EHP are part of the Rajawali Group owned by Peter Sondakh (right) whom Othman said was close to Najib. 

In case you didn't know, this was the Indonesian tycoon who dispatched a private jet to pick up the crooked couple, Najib and Rosmah Mansor when they tried to flee the country a day after losing GE14.

Anyway, Othman said Felda had to take a RM4.8 billion loan to finance the deal from GovCo Holdings Bhd, a subsidiary of the finance ministry then headed by Najib. 

He complained that the deal, signed by then-Felda chairman Isa Samad (right), was “one-sided” and “risky”, adding that EHP had debts of $547.4 million in 2014 and liabilities of $676.9 million in 2016. 

Furthermore, he said the company had no sustainable palm-oil accreditation, and would never be able to get the Roundtable on Sustainable Palm Oil (RSPO) certification in the next 10 years. 

At that time, Felda had defended the deal, maintaining they needed “a strong local partner to materialise (their) business plan to expand in Indonesia”. 

We know this is all balderdash because Felda are actively seeking to dispose of their stake in EHP. 

Najib Razak is not only a thief but a con artist too! 

Yesterday, I was at the Shah Alam Toastmasters Club meeting – where I was one of four speakers.

I presented a CC #4 speech which is How to Say It – and it was intriguingly titled “Wordless”.

Thankfully, I wasn't speechless then!

And I was voted Best Assignment Speaker:

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