Selangor Journal

Federal’s admission to problems in FGV an embarrassment

Today the Government admits that Felda Global Ventures Holdings Berhad (FGV) is in turmoil, after the Employee Provident Fund (EPF) had lost RM203.18 million upon selling its shares in FGV last August.
This statement from the government confirms that FGV is so problematic that EPF had to sell its shares in it.
We must note that EPF’s action is in response to the ongoing problematic financial performance and poor management, to prevent the public-owned company from incurring further losses.
FGV’s poor management had not only caused losses to Felda settlers but also to the public who contribute to EPF.
In this severe condition, all transaction which are ambiguous and serve the interest of certain parties, such as the Eagle High Plantations investment and loans from Putra Star Investments must be revoked.
Pakatan Harapan will restructure Felda’s investments to focus on its core business which is farming, consistent with its objective to improve the settlers’ welfare.
Pakatan Harapan will also study the pros and cons of returning FGV’s majority control in Felda Holdings Berhad to Koperasi Permodalan Felda.
Hasanuddin Mohd Yunus
Parti Amanah Negara
YB Dato’ Mohamad Ariff Sabri Abdul Aziz
Democratic Action Party
Syed Ibrahim Syed Noh
People’s Justice Party

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