In a matter of five years, Felda Global Ventures Holdings Bhd (FGV) suffered RM10 billion market capitalisation losses, with its share price at RM4.55 per share when it was listed in June 2012 plunging to RM1.72 per share today.
Why has FGV, which is the world’s largest plantation operator with more than two million acres of oil palms in Malaysia and in other parts of the world, suffered so badly?
FELDA Chairman Tan Sri Shahrir Abdul Samad will be meeting the Prime Minister, Datuk Seri Najib Razak tomorrow to discuss the best solution to resolve the FGV crisis.
I agree with the Parti Pribumi Bersatu Malaysia and former Deputy Prime Minister, Tan Sri Muhyiddin Yassin, that it is grossly inadequate just to appoint former Minister Datuk Seri Idris Jala to inquire into the corporate irregularities of FGV, not only because Idris cannot be regarded as independent and impartial because of his past Cabinet position, but also because the terms of reference of the inquiry is not comprehensive enough.
The public spat between the FGV Chairman Tan Sri Mohd Isa Abdul Samad and the FGV Group President/Chief Executive Officer Zakaria Arshad has revealed that there is something very rotten in FELCA and FGV for a very long time, lasting as long as five years, and the question is why Najib as the Minister directly responsible for FELDA, was unaware of these irregularities and scandals or why he did nothing to ensure that FELDA and FGV would not suffer tens of billions of ringgit of losses.
What is clearly needed is a no-holds-barred Royal Commission of Inquiry into the tens of billions of ringgit of FGV and FELDA losses, which should include Najib’s responsibility in allowing such financial losses and scandals in the past five years.
Will Shahrir support such a RCI proposal and will he be put it to the Prime Minister when they meet tomorrow to discuss the future of FGV?
[Speech by DAP Parliamentary Leader and MP for Gelang Patah Lim Kit Siang at the DAP Kopitiam dialogue in Bukit Pasir, Pagoh on Tuesday, 13th June 2017 at 1 pm]
#1 by Sallang on Tuesday, 13 June 2017 - 9:15 pm
The time is right to get children of ‘peneroka’, like Siti Nurhaliza to start a campaign ‘ Saya anak peneroka’, and push for a RCI. Surely Tun M will not disagree.
#2 by bruno on Wednesday, 14 June 2017 - 12:55 am
First of all it was plain stupid of Najib to appoint Isa Samad as head of Felda.Just because the BN wanted to break the duck’s egg in a by-election,Umno let Isa Samad make a comeback.To reward this corrupt politician,his reward was to lead this gigantic plantation titan.
Putting Isa Samad as head of Felda is like putting Thamby Chik in charge of the henhouse.No wonder,scandals after scandals kept popping up.We do not have to look far.Just look at Najib’s golfing buddy,grab them by the pu*sies,Donald Trump.Every day there is a new revelation of his corruption practices creeping up.So much of draining the swamp.
#3 by bruno on Wednesday, 14 June 2017 - 1:04 am
Politicians must never be appointed to head GLC’s.Career public servants or professionals with a good track record in the private sector must only be selected.This is to ensure to suppress corruption to a minimum.The opposition better take note of it.
#4 by Bigjoe on Wednesday, 14 June 2017 - 9:02 am
Truth is there is not that much difference between Najib and Isa Samad – neither the corruption nor his mediocrity is very far off each other. That is why Isa Samad has survived and thrived for so long and even after the messes he has gotten himself into continue to wreck his havoc in almost holy but needed reform institution like Felda. How do the Pot prosecute the Kettle or hold it accountable?