FGVH listing,another get-rich-quick scheme for UMNO leaders...

 

The decision to list Felda Global Ventures Holding (FGVH) is nothing more than an exercise to gain as much profits for those who are the biggest stakeholders in FGVH, a loss-making overseas investment unit that has been run by Prime Minister Najib Razak's inner circle of financial advisers.

FGVH subsidiaries such as FELDA Iffco Sdn Bhd, FELDA Global Technologies, FELDA Global Ventures Middle East and FELDA Global Ventures Arabia are reported to have chalked up accumulated losses of around RM500 million up to last year.

The main body as a whole is still profitable. Indeed, FELDA Holdings has a workforce of some 19,000 employees, with a labour force of 46,795 workers at 300 estates, 70 palm oil mills, seven refineries, four kernel-crushing plants, 13 rubber factories, manufacturing plants and several logistic and bulking installations spread throughout Malaysia and several locations overseas.
 
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. Thus, the cash-cow Felda Holdings will see itself drawn into debt from the onset and thus affecting every small-holding settler they have under their umbrella.

The whole idea of ‘parking’ a profitable company under the control of one that has proven itself as a poor performer in business, is illogical and makes for bad business sense. Yet this is the plan mooted by the Najib’s establishment.

How much shares will the Felda settlers have to hand over in order to create the new offerings for new investors? And who will the new investors be? This is important as essentially, the Felda settlers are handing over their rights over Felda in return for a quick buck. In the long run, the fate of the Felda settlers will be determined by those who hold a controlling stake in listed Felda.

Najib and Felda chairman Isa Abdul Samad are adamant that the listings will go ahead as scheduled. The plan is now to have a special purpose vehicle (SPV) set up to ensure that profits from the listing of FGVH are channeled directly to the settlers; of course, it is any-one’s guess as to who will helm this SPV, but the SPV will take over the role of the KPF. And if Isa's controversial and unpopular appointment as Felda chief is any measure to go by, settlers can expect the SPV head to also be a Najib 'yes-man'.

As far as the mechanism goes, Felda, which is 100% owned by the government, will have to buy over KPF’s equity in Felda Holdings Bhd giving them a controlling stake in FHB. When this happens, there will be nothing to stop the transfer of shares from FHB to FGVH and eventually the listing exercise of FGVH.

Indeed, this is a ‘get rich scheme’ that can only benefit those who have the capability to buy the share offerings from FGVH. The IPO effectively takes control from the settlers and serves it to the highest bidder.

"The settlers themselves cannot afford to buy shares and expand the company. So listing is one way to inject more capital and investment. At the end, the settlers will be given the same level of dividend. So, there is nothing to lose," Mahathir told reporters after launching the Malaysia OSV Owners' Association (OSV Malaysia) here.

But at what cost to the settlers? Did Mahathir even once considered this? Did Mahathir even once asked himself why the Felda settlers till now have no money to buy shares and expand their company? Who then is Mahathir to say if the IPO is good of bad!

Offering settlers sweets and then selling the sugar factory
 
Tengku Razaleigh Hamzah pointed out that once the listing took place, land belonging to the FELDA settlers will go on the open market. Once exposed to the open market, Razaleigh warned that “anyone” could buy up shares at any amount if they could afford it, and that this could result in settlers losing their lands 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 Ku Li, a Kelantan prince and the Umno MP for Gua Musang.

This is Najib’s idea of enriching the small-holding settlers of Felda. After promising to give the settlers sweets, he turns around and offers the sugar factory to the highest bidder.

The question that really begs an answer, is why the sudden, urgent need to list Felda? Does this mean that the reports of the Malaysian government running out of cash are true? Or is there another back-to-back deal to siphon out the profits from the IPO to another Umno money-making scheme? 

Until more whistle blowers come forward, your guess is as good as ours. - Maclean Patrick, Malaysia Chronicle

Read full article here.

Poll-year tension puts RM6b Felda listing in doubt

'Anak' gesa tarik balik ‘borang durian runtuh’

Presiden Persatuan Anak Peneroka Kebangsaan (Anak), Mazlan Aliman memberi kata dua kepada pihak Felda sama ada menarik balik ‘pekeliling durian runtuh’ yang diedarkan kepada peneroka atau laporan polis akan dibuat.
Katanya, ini disebabkan timbul keadaan yang amat mengelirukan dan kegelisahan di kalangan peneroka kerana semua dokumen seperti salinan kad pengenalan, geran ladang, rumah digunakan untuk tujuan tertentu.

“Saya banyak terima aduan dalam seminggu ini tentang edaran borang untuk mendapat ‘durian runtuh’ dengan maklumat penting iaitu fotostat kad pengenalan, geran ladang, rumah, status senarai hitam bank dan pewaris.

“Isinya agak berbeza tetapi membawa implikasi yang sangat besar kerana dokumen-dokumen penting boleh dimanipulasi.

“Jadi saya nak minta satu penjelasan siapa yang keluarkan arahan itu? Saya tak salahkan pengurus-pengurus Felda kerana mereka hanya menjalankan arahan daripada pihak atasan,” katanya dalam sidang media di sini semalam.

Tambah Mazlan, ini berkaitan dengan janji kepada peneroka.

“Ada pengurus yang janji nak bagi duit tunai RM10,000 ada yang janji dalam bentuk saham. Ini satu harapan kepada peneroka dan bila nak bagi duit mereka tak fikir panjang lalu serah semua dokumen,” katanya.

Katanya, ada beberapa tempat seperti di Jengka 18 peneroka disuruh membuat buku akaun dan agen bank sendiri datang ke balai raya.

“Bagi saya ini akan menimbulkan keadaan yang mengelirukan terutama sebenarnya janji durian runtuh itu tidak wujud sama sekali,” jelasnya.

Mazlan juga berpendapat, ini mungkin juga satu helah di mana akhirnya pihak tertentu akan menggunakan semua dokumen tersebut untuk mereka akhirnya menjustifikasikan peneroka Felda secara majoriti setuju dan menyokong penyenaraian FGVH.

Tambahnya, tidak mustahil secara halus atau pintu belakang mereka menggunakan referendum itu untuk meneruskan penyenaraian dengan paksaan tetapi secara halus.

“Sebab itulah saya sudah beritahu peneroka yang menghubungi saya supaya buat laporan polis kerana ada unsur ugutan, penipuan dan salah guna kuasa.

“Jadi oleh kerana isu ini begitu besar dan melibatkan warga Felda seluruh negara, saya minta surat arahan itu ditarik balik serta merta. Saya nak katakan durian runtuh itu satu pembohongan sebab mesyuarat agung khas (EGM) semalam (kelmarin) pun dibatalkan, KPF tiada kaitan dengan penyenaraian jadi nak dapat durian runtuh dari mana.

“Sebab itu saya katakan durian runtuh itu cerita karut dan yakin ada satu agenda halus yang menjurus kepada mereka nak bina satu keyakinan  sebenarnya yang hendakkan penyenaraian itu kononnya besar dan yang menolak itu kecil,”  tegasnya.

Mazlan tidak menolak usaha itu mungkin ada kaitan dengan kenyataan Pengerusi Felda, Tan Sri Isa Samad yang mahu Felda disenaraikan juga menggunakan mekanisme yang lain setelah gagal EGM.

Dalam sidang media yang sama, Mazlan mengucapkan syabas kepada Tengku Razaleigh Hamzah yang berani mengeluarkan kenyataan terbuka dan jelas bahawa bahaya bagi Felda jika disenarai di bursa saham kerana beliau seorang yang berpengalaman dalam ekonomi.

Katanya, kenyataan berani tersebut sangat signifikan dalam hala tuju penyenaraian Felda dan itu jugalah sebenarnya kebimbangan warga Felda selama ini justeru minta Perdana Menteri membatalkan saja usaha penyenaraian itu.- harakahdaily

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