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]