| Bad business decisions by Felda Global Ventures Bhd and Felda Investment Corporation are the main cause of Felda's current cash flow problems.
The White Paper, which looked at Felda's financial position from 2007 to 2017, said the agency was profitable up to 2012. The funds were supposed to help Felda grow and resolve problems such as financing a scheme to replace ageing oil palm. FGV was also supposed to engage in plantation, logistics and supporting services industry, that would synergise with Felda's business.
The most damning indictment of FIC was contained the summary of a forensic audit on eight of its investments. It was conducted by Ernst & Young, commissioned by the Economic Affairs Ministry that now oversees Felda. The White Paper does not specifically pin the blame on any individual for the FGV and FIC gambit. However, the document does state that it was a conflict of interest to have Mohd Isa Abdul Samad chair the board for Felda, FIC and FGV.
Low palm oil prices alone, read the document, should not be blamed for Felda’s losses as Felda was profitable in 2008 when palm oil prices were similar to 2017, when the agency recorded its highest loss to date - RM4.8 billion.
20/20 vision in hindsight.
How did Felda lose ALL their 2012 $10bil IPO money and now be in $12bil debt .. making a total of $22bil gone is less than 6 years under NajibRazak
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: staronline - 🏆 4. / 75 Read more »