Rafizi: Putrajaya writing off RM163m NFC loan
PKR’s Rafizi Ramli (picture) today alleged that Putrajaya was foregoing the outstanding RM163 million from the loan issued to the National Feedlot Corporation (NFCorp) after its cattle-farming project was transferred to another company.
The PKR strategy director pointed out that the federal government had reportedly agreed to appoint another consortium to take over the controversial National Feedlot Centre (NFC) project, but that the new operator would not be responsible for the RM250 million loan that was issued to NFCorp.
“In the current conditions, I am of the opinion that the RM163 million that was spent by NFC can be considered gone and that it will not be able to be recovered,” Rafizi said in a statement.
News portal The Malaysian Insider quoted industry sources earlier today as saying that the NFC project would be managed by Malaysian-Japanese venture Kirimitonas Agro Sdn Bhd and that the federal government would recover the soft loan to NFCorp through litigation.
Rafizi noted that as of May 2012, RM181 million had been given to NFCorp, according to the Finance Ministry’s parliamentary reply then.
The Pandan MP said that the properties seized from NFCorp — which is owned by former minister Datuk Seri Shahrizat Abdul Jalil’s family — so far are valued at RM18 million (RM14 million from two condominium units and RM4 million for two plots of land).
“The minister’s reply that only RM18 million in assets have been seized thus far, and the decision to award the project to a new operator without taking over the RM250 million loan, confirms that the government will face difficulties in recovering the remaining funds that are estimated at RM163 million,” said Rafizi.
He pointed out that NFCorp was no longer in operation.
“Therefore, it can be considered that the company can no longer service the loan and is bound to go through bankruptcy,” said Rafizi.
He added that part of the loan was used for non-asset expenses, such as salaries, transport allowances and other expenses that could not be recovered.
“The government did not impose personal guarantees on the directors of NFCorp,” he said. “So, their responsibility is limited to their shares in the company.”
Rafizi was pushed into the limelight after exposing NFCorp’s purchases of luxury condominium units through the federal government loan that was meant for the national cattle-farming project.
The Auditor-General’s 2010 report had highlighted the failure of the NFC project in achieving its target of breeding 8,000 cattle in Gemas, Negri Sembilan, in 2010, besides noting NFCorp’s management failures.
The trial of Shahrizat’s defamation suit against Rafizi revealed last March that NFCorp had purchased a RM534,622 Mercedes-Benz in 2009 as a company car that was parked in her house.
In the trial, Shahrizat had also defended NFCorp’s purchase of three luxury condominium units in the Orchard Scotts Residences and Marina Bay Sands in Singapore worth RM42 million, saying that the buy was part of the company’s investment portfolio, according to her husband Datuk Seri Mohamad Salleh Ismail, the executive chairman of NFCorp.
Mohamad Salleh is currently on trial over charges of criminal breach of trust and violations of the Companies Act involving the alleged misuse of funds from the project.
The Wanita Umno chief also testified that the RM42 million condominiums in Singapore and two condominium units in Bangsar here costing RM30 million in total made up more than one-fifth of the RM250 million government loan.
Shahrizat’s senatorship was not renewed in April 2012, causing her to lose her women, family and community development portfolio in the Cabinet.
– See more at: http://www.themalaymailonline.com/malaysia/article/rafizi-putrajaya-writing-off-rm163m-nfc-loan?utm_source=twitterfeed&utm_medium=twitter#sthash.SI5uIwAE.dpuf
(The Malay Mail) PKR’s Rafizi Ramli today alleged that Putrajaya was foregoing the outstanding RM163 million from the loan issued to the National Feedlot Corporation (NFCorp) after its cattle-farming project was transferred to another company.
The PKR strategy director pointed out that the federal government had reportedly agreed to appoint another consortium to take over the controversial National Feedlot Centre (NFC) project, but that the new operator would not be responsible for the RM250 million loan that was issued to NFCorp.
“In the current conditions, I am of the opinion that the RM163 million that was spent by NFC can be considered gone and that it will not be able to be recovered,” Rafizi said in a statement.
News portal The Malaysian Insider quoted industry sources earlier today as saying that the NFC project would be managed by Malaysian-Japanese venture Kirimitonas Agro Sdn Bhd and that the federal government would recover the soft loan to NFCorp through litigation.
Rafizi noted that as of May 2012, RM181 million had been given to NFCorp, according to the Finance Ministry’s parliamentary reply then.
The Pandan MP said that the properties seized from NFCorp — which is owned by former minister Datuk Seri Shahrizat Abdul Jalil’s family — so far are valued at RM18 million (RM14 million from two condominium units and RM4 million for two plots of land).
“The minister’s reply that only RM18 million in assets have been seized thus far, and the decision to award the project to a new operator without taking over the RM250 million loan, confirms that the government will face difficulties in recovering the remaining funds that are estimated at RM163 million,” said Rafizi.
He pointed out that NFCorp was no longer in operation.
“Therefore, it can be considered that the company can no longer service the loan and is bound to go through bankruptcy,” said Rafizi.
He added that part of the loan was used for non-asset expenses, such as salaries, transport allowances and other expenses that could not be recovered.
“The government did not impose personal guarantees on the directors of NFCorp,” he said. “So, their responsibility is limited to their shares in the company.”
Rafizi was pushed into the limelight after exposing NFCorp’s purchases of luxury condominium units through the federal government loan that was meant for the national cattle-farming project.
The Auditor-General’s 2010 report had highlighted the failure of the NFC project in achieving its target of breeding 8,000 cattle in Gemas, Negri Sembilan, in 2010, besides noting NFCorp’s management failures.
The trial of Shahrizat’s defamation suit against Rafizi revealed last March that NFCorp had purchased a RM534,622 Mercedes-Benz in 2009 as a company car that was parked in her house.
In the trial, Shahrizat had also defended NFCorp’s purchase of three luxury condominium units in the Orchard Scotts Residences and Marina Bay Sands in Singapore worth RM42 million, saying that the buy was part of the company’s investment portfolio, according to her husband Datuk Seri Mohamad Salleh Ismail, the executive chairman of NFCorp.
Mohamad Salleh is currently on trial over charges of criminal breach of trust and violations of the Companies Act involving the alleged misuse of funds from the project.
The Wanita Umno chief also testified that the RM42 million condominiums in Singapore and two condominium units in Bangsar here costing RM30 million in total made up more than one-fifth of the RM250 million government loan.
Shahrizat’s senatorship was not renewed in April 2012, causing her to lose her women, family and community development portfolio in the Cabinet.
PKR’s Rafizi Ramli (picture) today alleged that Putrajaya was foregoing the outstanding RM163 million from the loan issued to the National Feedlot Corporation (NFCorp) after its cattle-farming project was transferred to another company.
The PKR strategy director pointed out that the federal government had reportedly agreed to appoint another consortium to take over the controversial National Feedlot Centre (NFC) project, but that the new operator would not be responsible for the RM250 million loan that was issued to NFCorp.
“In the current conditions, I am of the opinion that the RM163 million that was spent by NFC can be considered gone and that it will not be able to be recovered,” Rafizi said in a statement.
News portal The Malaysian Insider quoted industry sources earlier today as saying that the NFC project would be managed by Malaysian-Japanese venture Kirimitonas Agro Sdn Bhd and that the federal government would recover the soft loan to NFCorp through litigation.
Rafizi noted that as of May 2012, RM181 million had been given to NFCorp, according to the Finance Ministry’s parliamentary reply then.
The Pandan MP said that the properties seized from NFCorp — which is owned by former minister Datuk Seri Shahrizat Abdul Jalil’s family — so far are valued at RM18 million (RM14 million from two condominium units and RM4 million for two plots of land).
“The minister’s reply that only RM18 million in assets have been seized thus far, and the decision to award the project to a new operator without taking over the RM250 million loan, confirms that the government will face difficulties in recovering the remaining funds that are estimated at RM163 million,” said Rafizi.
He pointed out that NFCorp was no longer in operation.
“Therefore, it can be considered that the company can no longer service the loan and is bound to go through bankruptcy,” said Rafizi.
He added that part of the loan was used for non-asset expenses, such as salaries, transport allowances and other expenses that could not be recovered.
“The government did not impose personal guarantees on the directors of NFCorp,” he said. “So, their responsibility is limited to their shares in the company.”
Rafizi was pushed into the limelight after exposing NFCorp’s purchases of luxury condominium units through the federal government loan that was meant for the national cattle-farming project.
The Auditor-General’s 2010 report had highlighted the failure of the NFC project in achieving its target of breeding 8,000 cattle in Gemas, Negri Sembilan, in 2010, besides noting NFCorp’s management failures.
The trial of Shahrizat’s defamation suit against Rafizi revealed last March that NFCorp had purchased a RM534,622 Mercedes-Benz in 2009 as a company car that was parked in her house.
In the trial, Shahrizat had also defended NFCorp’s purchase of three luxury condominium units in the Orchard Scotts Residences and Marina Bay Sands in Singapore worth RM42 million, saying that the buy was part of the company’s investment portfolio, according to her husband Datuk Seri Mohamad Salleh Ismail, the executive chairman of NFCorp.
Mohamad Salleh is currently on trial over charges of criminal breach of trust and violations of the Companies Act involving the alleged misuse of funds from the project.
The Wanita Umno chief also testified that the RM42 million condominiums in Singapore and two condominium units in Bangsar here costing RM30 million in total made up more than one-fifth of the RM250 million government loan.
Shahrizat’s senatorship was not renewed in April 2012, causing her to lose her women, family and community development portfolio in the Cabinet.
– See more at: http://www.themalaymailonline.com/malaysia/article/rafizi-putrajaya-writing-off-rm163m-nfc-loan?utm_source=twitterfeed&utm_medium=twitter#sthash.SI5uIwAE.dpuf
PKR’s Rafizi Ramli (picture) today alleged that Putrajaya was foregoing the outstanding RM163 million from the loan issued to the National Feedlot Corporation (NFCorp) after its cattle-farming project was transferred to another company.
The PKR strategy director pointed out that the federal government had reportedly agreed to appoint another consortium to take over the controversial National Feedlot Centre (NFC) project, but that the new operator would not be responsible for the RM250 million loan that was issued to NFCorp.
“In the current conditions, I am of the opinion that the RM163 million that was spent by NFC can be considered gone and that it will not be able to be recovered,” Rafizi said in a statement.
News portal The Malaysian Insider quoted industry sources earlier today as saying that the NFC project would be managed by Malaysian-Japanese venture Kirimitonas Agro Sdn Bhd and that the federal government would recover the soft loan to NFCorp through litigation.
Rafizi noted that as of May 2012, RM181 million had been given to NFCorp, according to the Finance Ministry’s parliamentary reply then.
The Pandan MP said that the properties seized from NFCorp — which is owned by former minister Datuk Seri Shahrizat Abdul Jalil’s family — so far are valued at RM18 million (RM14 million from two condominium units and RM4 million for two plots of land).
“The minister’s reply that only RM18 million in assets have been seized thus far, and the decision to award the project to a new operator without taking over the RM250 million loan, confirms that the government will face difficulties in recovering the remaining funds that are estimated at RM163 million,” said Rafizi.
He pointed out that NFCorp was no longer in operation.
“Therefore, it can be considered that the company can no longer service the loan and is bound to go through bankruptcy,” said Rafizi.
He added that part of the loan was used for non-asset expenses, such as salaries, transport allowances and other expenses that could not be recovered.
“The government did not impose personal guarantees on the directors of NFCorp,” he said. “So, their responsibility is limited to their shares in the company.”
Rafizi was pushed into the limelight after exposing NFCorp’s purchases of luxury condominium units through the federal government loan that was meant for the national cattle-farming project.
The Auditor-General’s 2010 report had highlighted the failure of the NFC project in achieving its target of breeding 8,000 cattle in Gemas, Negri Sembilan, in 2010, besides noting NFCorp’s management failures.
The trial of Shahrizat’s defamation suit against Rafizi revealed last March that NFCorp had purchased a RM534,622 Mercedes-Benz in 2009 as a company car that was parked in her house.
In the trial, Shahrizat had also defended NFCorp’s purchase of three luxury condominium units in the Orchard Scotts Residences and Marina Bay Sands in Singapore worth RM42 million, saying that the buy was part of the company’s investment portfolio, according to her husband Datuk Seri Mohamad Salleh Ismail, the executive chairman of NFCorp.
Mohamad Salleh is currently on trial over charges of criminal breach of trust and violations of the Companies Act involving the alleged misuse of funds from the project.
The Wanita Umno chief also testified that the RM42 million condominiums in Singapore and two condominium units in Bangsar here costing RM30 million in total made up more than one-fifth of the RM250 million government loan.
Shahrizat’s senatorship was not renewed in April 2012, causing her to lose her women, family and community development portfolio in the Cabinet.
– See more at: http://www.themalaymailonline.com/malaysia/article/rafizi-putrajaya-writing-off-rm163m-nfc-loan?utm_source=twitterfeed&utm_medium=twitter#sthash.SI5uIwAE.dpuf
