Ku Li says FELDA listing will endanger future of settlers
Felda settler’s home
(The Malaysian Insider) – The proposed Felda Global Ventures Holdings (FGVH) listing will endanger the future of settlers as they risk losing their land assets, Tengku Razaleigh Hamzah has said.
In an interview with Harakahdaily, the Umno politician said that once the listing took place, land belonging to FELDA settlers will be exposed to the open market.
Once exposed to the open market, he claimed that “anyone” could buy up shares at any amount if they could afford it, and that this will result in settlers losing their land assets if shareholders were to sell their shares.
“If the price goes up, and if the shareholders want to profit, of course they will sell (to other people) … it would be stupid not to take advantage of a profit (making) situation.
“The land that was previously owned will be lost because other people have owned shares and now have rights to the land. That is dangerous,” said the Kelantan prince.
Prime Minister Datuk Seri Najib Razak had recently said the listing of FGV, announced in Budget 2012, is expected to take place in April, instead of the middle of the year as earlier planned.
But critics contend that the proposed listing, which will see loss-making FGVH assume control of the FELDA Investment Co-operative (KPF), will short-change smallholders and saddle FELDA with up to RM1.5 billion in yearly deficit.
The government has said the move will result in a RM5.9 billion lump sum payment to settlers but the National FELDA Settlers’ Children’s Association (ANAK) has insisted it will not be in cash but shares in FGV.
