Tsunami over FELDA


By Sakmongkol AK47 | September 11, 2012
The Malaysian Insider

SEPT 11 — If my friend, Pirates of Putrajaya had been a little bit more patient, he will find his views on the FGV vindicated. Probably he underestimated the will of the government to use GLCs under its control to shore up the FGV price.

Nevertheless, his views will be vindicated soon and I and millions of others hope he will come back into blogosphere to share with us, his rapier sharp analyses.

What Najib is doing right now is just putting out fires. He forgot that it all needed but a single spark to light up the prairie fire.

He has given an advance of RM15,000 each to Felda family. I hear, full payment hasn’t been given out yet. Perhaps Felda will use its gain of RM5.99 billion to pay the balance of what has been promised by Najib. Felda pays unto itself using its own money.

He has given almost RM43 million as raya bonus. Each family got around RM382. That amount was useful to buy cookies, lemang , fresh meats and maybe new curtains for the missus. Because of the drop in FGV share price, he has also announced that Felda will pay for the settlers’ purchase of FGV shares. Once again, that will probably come from the RM5.99 billion.

Finally to placate the settlers’ anger, he has announced that Felda will pay for PTPTN loans taken by the Felda children.

That is his economic strategy. We don’t have to go the Chicago, Princeton, Oxford or Cambridge to do that. Not even Nottingham.

What was the real agenda really? Maybe all this corporate bullshit was about saving FGV. It has done extensive futures trading and had incurred huge losses. That was why some brainy people came up with the idea, the only way to save FGV was to have it buy out KPF’s share in Felda Holdings and go for listing.

At closing time today, FGV share was RM 4.68, earning the holders of the stock a premium of 13 sen. If Najib hadn’t come up with the brilliant idea of ordering Felda to finance settlers’ purchase, each settler ends up with a RM94.70 loss.

Actually FGV bought out Felda Holdings to save itself. It has incurred heavy losses doing futures trading. We don’t know how much FGV got by selling its shares. There was no cash payment involved as the purchase was financed by the issue of new shares which were sold to the public through the IPO. Part of the proceeds were used by Felda to pay its EPF loan amounting to RM6 billion. Then EPF is instructed to buy FGV shares, now it owns 7% of FGV bought for RM 1.2 billion. Foreign interests are selling down to cut down losses.

What is even more pernicious and atrocious is the betrayal to Felda people. 360,000 hectares of land have been forfeited which could be used in future to create 80,000 new settlers.

It’s dark days looming over Felda and no amount of PR exercise can mitigate the anger that is shoring up. There is a tsunami looming over Felda. — sakmongkol.blogspot.com

* Sakmongkol AK47 is the nom de plume of Datuk Mohd Ariff Sabri Abdul Aziz. He was Pulau Manis assemblyman (2004-2008).

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  1. #1 by Godfather on Tuesday, 11 September 2012 - 12:33 pm

    So they get EPF to prop up the FGV shares. Now EPF has over 7 pct, and soon it will be 10 pct, and then 15 pct, but what is the problem ? EPF is a bottomless pit of money, and if they really wanted to, they could buy as much as they want to keep the price near the IPO issue price.

  2. #2 by yhsiew on Tuesday, 11 September 2012 - 1:14 pm

    He is turning GE13 into a Buy-Election in attempts to win votes.

  3. #3 by yhsiew on Tuesday, 11 September 2012 - 1:28 pm

    So, GE13 will be delayed until the tsuinami has calmed down!

  4. #4 by Loh on Tuesday, 11 September 2012 - 2:43 pm

    That is a different way of buying votes directly from FELDA settlers.

  5. #5 by monsterball on Tuesday, 11 September 2012 - 4:08 pm

    Where got patient?
    They are living like royalties….they need more and more dough to keep up with their false images.
    They are like incurable drug addicts…wanting more and more.

  6. #6 by son of perpaduan on Tuesday, 11 September 2012 - 6:09 pm

    Masa dah tiba, dan inilah masa nya ” disumpah langit dan didendam bumi “.

    Hanya tuhan saja yang menentukan balasan atas segala-gala dosa yang mereka lakukan.

  7. #7 by lauksnatlks on Tuesday, 11 September 2012 - 7:42 pm

    BN/UMNO has just tied a rope on top of the Felda Palm Oil tree and its head is already inside the noose. All it takes is for someone to kick the chair. Let the Felda settlers be the party to have the honour to kick it hard. ABU ABU.

  8. #8 by monsterball on Tuesday, 11 September 2012 - 8:19 pm

    Najib gave kickbacks to Felda settlers and got his backside kicked.
    He thought he could sapu RM7oo millions at one go and then…act like Santa Clause …threw back…pennies to Malaysians..treating them like beggars…will do the trick again and again.
    Through words from mouths…these Felda settlers are beginning to understand how a con man works.

  9. #9 by Jeffrey on Wednesday, 12 September 2012 - 7:56 am

    And EPF has to go and snap another 2.2 million shares of FELDA Global Ventures Holdings (FGVH) to shore up price: Malaysian Insider Sept 12th.

  10. #10 by raven77 on Wednesday, 12 September 2012 - 8:32 am

    Hardwork is alien to UMNO and Najib…robbing comes oh so naturally to these fellows…Britain left the country in the wrong hands…

  11. #11 by dagen wanna "ABU" on Wednesday, 12 September 2012 - 8:34 am

    ///Najib gave kickbacks to Felda settlers and got his backside kicked./// monsterball

    Good one old fella.
    Cheers!

  12. #12 by dagen wanna "ABU" on Wednesday, 12 September 2012 - 8:40 am

    BTW I believe that many who visit this site are company directors. Tell me, for those who are, how often are board meetings held?

    Tell you what. Do you people know that company directors who are umno people are very fond of meetings? If possible, they want it at least once a month. And the reason, they can demand attendance fees of 1000-2000.

    JJ1B
    RR1C!

  13. #13 by dagen wanna "ABU" on Wednesday, 12 September 2012 - 11:27 am

    End of umno’s felda orgy is in sight? I think so.

  14. #14 by Bigjoe on Thursday, 13 September 2012 - 9:12 am

    The ramification of FELDA mess goes beyond just between buying and losing Felda settlers votes for GE 13. It may in fact lies at the heart of possibly real total destruction of UMNO/BN should they lose Putrajaya.

    IF/When PR gets to Putrajaya, the FGV loses and the waste would be made known public. When its known, it could destroy the faith of Felda heartland for UMNO/BN that is irrecoverable..

    In other words, the failure of Najib’s scheming with Felda could literally end UMNO/BN the party…

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