'National Feedlot Corp loan used to buy condo unit'...

Ramping up their criticism of alleged mishandling of government funds in the public-funded National Feedlot Corporation (NFC), PKR said today that the money loaned to a sister company was used to purchase a RM9.8 million luxury condominium in Bangsar, Kuala Lumpur.

“After our previous exposes on the mishandling of public funds at NFC, owned by the family of a federal minister, PKR is coming forward today with concrete proof of another mishandling,” the opposition party’s secretary-general Saifuddin Nasution (left in photo) told a press conference at Parliament House today.

The money - which the opposition party claims is part of an RM81 million loan that NFC, a company owned and operated by the husband and children of a federal minister - granted to related company National Livestock and Meats Corporation (NLMC), was used to purchase a luxurious condominium unit.

PKR further alleged that this was accomplished through four payments via bank transfer by NFC from the Taman Tun Dr Ismail branch of a local bank to a well-known property developer on Dec 2, 2009, for the purchase of one unit of a luxury condominium.

The four payments totalling RM9.8 million are separated into four money transfers; RM699,870.00, RM694,150.00, RM4,199,220.00 and RM4,164,900.00, all on the same date.

“The payments to purchase the condominium were recorded as loans to NLMC from NFC. This is part of the RM81 million loaned by NFC to NLMC,” said the Machang MP.

Saifuddin argued that the purchase of the condominium by NFC for a related company owned by the family members of the minister was a clear and present sign of mishandling of public funds, deviating from the actual purpose of the public-funded firm’s business of rearing cattle.

In their statement, PKR said the prestigious One Menerong project, located in Bangsar, boasts luxurious residential units ranging from RM3 million to RM10 million per unit.

Cows sleep in the condo?

NLMC, which was contracted by NFC as its marketing development agent and granted the sizeable loan, is also owned and operated by the same federal minister’s husband and children.

“They are in the business of (marketing) cattle. Are the cows going to sleep in the condo?” asked Saifuddin, expressing his puzzlement.

The secretary-general posited that such questionable spending of funds appeared to be in conflict with Rembau MP Khairy Jamaluddin’s defence of NFC’s loans and discounts to related companies.

Khairy had argued that funds for NFC are strictly monitored by a technical committee and only approved out of the special account it is kept in for operational expenditures related to the feedlot project.

“When did the technical committee approve the funds? When was the meeting?” Saifuddin questioned.

The party’s strategy director Rafizi Ramli, who was also present, chimed in that the use of funds originating from public monies for such an unnecessary purchase was “tantamount to criminal breach of trust (CBT)”.

Rafizi said the information they gathered on the matter was air-tight and backed within side knowledge.

He challenged related parties that would refute these claims to produce bank statements for NFC for the period and to sue him if they still want to refuted what he claimed as fact.

Saifuddin and Rafizi added that a report on the alleged mishandling of funds has been submitted to the Malaysian Anti-Corruption Commission.

source:malaysiakini

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Comments...

Anonymous_3e86 - The problem with these BN thieves is they don't know when is enough nor when to stop the plundering. With Pakatan digging up every misdeed these thieves still think they can get away without being exposed of their crimes. How foolish. The truth cannot be hidden for long. Sooner or later all these abuses will surface. But BN thieves will get away scott-free coz' MACC, the judiciary, the police, AG are on their side! They can't be persecuted as long as BN rules the country. The only way to stop this country from bleeding is by kicking them out of PutraJaya!

Anonymous_3e4b - Malaysians are taken for a long ride by BN.... 54 years long. It is now time for a 'Malaysian Spring' at GE13. Malaysians should not let go this golden opportunity to vote for better Malaysia. VOTE PAKATAN RAKYAT FOR A BETTER MALAYSIA.

Abasir - One woman spent RM 24million on a Ring, this one spends RM10 million on condo. These bumis really need help! Let's dip into the Contingency Funds.

Dumbo119 - aiyo Akka... Lembu tidur di condiminium.Poor malay in Kampung tidur di pondok.Don't know why the good Malays are doomed to be taken for a ride by Mamaks.Wahai saudaraku inilah kerja kotor pejuang bangsa,agama dan Negara. Mana Perkasa???? why no protest.. malays are taken for a ride by Mamaks.LOL

Pants on Fire - With a moo-moo here & a moo-moo there, Shahrizat skirts the issue & milks-us of OUR 80 MILLION RINGGIT whilst taking the BN cows for a ride in the outskirts & blaming Zuraida for taking the bull by the horns. Kudos to the Auditor-General & Zuraidah for this expose.

cheers.