[KUALA LUMPUR] Malaysia will provide state-owned palm oil plantation agency Felda with financial aid of RM6.23 billion following a government inquiry into the company whose losses and debt have soared over the past decade.
The report was prepared by the Ministry of Economic Affairs after the government of Mahathir Mohamad, who came to power last year after defeating Malaysia's longtime ruling coalition, had vowed to look into Felda's financial troubles and alleged graft. The report said Felda would restructure the principal payment of its debts, as well as delay the repayment of its borrowings of RM1.98 billion in 2019. The remainder of its RM9.3 billion borrowings will be repaid from 2020 to 2028.
Felda was created by Malaysia's second prime minister in 1956, and aimed to resettle and employ the rural poor in the palm oil industry. It grew to become the world's largest state-run palm oil agency.
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Source: The Straits Times - 🏆 8. / 63 Read more »
Source: The Straits Times - 🏆 8. / 63 Read more »