Selangor Journal

Proud of Felda’s assets but cash flow is negative

SHAH ALAM, APR 14: Pakatan Harapan (PAKATAN) questions Felda Chairman, Tan Sri Shahrir Abdul Samad’s persistence in defending that the agency is not in a critical condition.
In a joint media statement, PAKATAN said, being too proud of the RM22 billion worth of asset is not enough, if the agency is experiencing negative cash-flow.
“By just having assets worth so much while the cash flow is negative shows that Felda is in trouble, furthermore when it involves small and middle income settlers.
“The Employees Provident Fund (EPF) selling its shares in Felda Global Venture Holdings Berhad (FGV) clearly shows that Felda’s stock price is declining, moreover EPF had registered RM203.18 million losses after selling them last August,” it said.
The joint media statement issued by Putrajaya Branch PKR Chief, Onn Abu Bakar, Raub Member of Parliament, Dato’ Ariff Sabri and AMANAH Deputy President, Hasanuddin Mohd Yunus also stated that Shahrir’s action wanting to sell it premium assets in United Kingdom clearly shows that the situation is increasingly critical for Felda.
“If Shahrir wants to sell premium assets in United Kingdom, it is a good move. However, what is the guarantee that proceeds from the sale will be returned to the settlers who are in RM8 billion debt in 2014?
“Is Shahrir willing to carry out an investigation relating to the purchase of these premium assets when the former chairman involved in this case is also his Umno friend?” they questioned.
Shahrir replaces Tan Sri Samad Isa, whose service ended last December 31, as Felda Chairman to further strengthen the board.
Isa, however, remains as FGV Chairman.
In the statement, PAKATAN had among others highlighted Felda’s failure to promote the Felda Second Generation Housing programme, higher education aid and living allowance provision, which ultimately proves Prime Minister, Datuk Seri, Najib Abdul Razak’s government sidelines Felda settlers.

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