11 November 2011

KJ: Condo purchase to offset cost of NFC delays...

The purchase of an RM10 million condominium unit by a sister company of the troubled National Feedlot Corporation (NFC) was a strategic move, so that the money would not lie idle, Rembau MP Khairy Jamaluddin says.

In an article posted on his blog today, Khairy said the company - National Meat and Livestocks Corporation (NMLC) - had RM83 million sitting idle because the NFC production was delayed.

“The operational delay was caused by the NFC management and its reasons were explained by the agriculture and agro-based industries minister in Parliament on Nov 8, that the government had insufficient funds to develop satellite farms.

“When these farms cannot be developed, a portion of NMLC funds could not be spent... When this delay happens, the NFC management is faced with a important decision.

“Do they leave the money given to the NLMC in a current account that does not bring big returns while waiting for the satellite farms... or do they invest the money and reap some returns while waiting for the delays to be overcome?”

Waves of attack by PKR

Recently, Khairy had been at the forefront of the BN backbenchers' defence of the NFC project, which was panned in the Auditor-General's Report 2010.

The controversy came to a boil when PKR criticised the federal government's RM250 million soft loan for the failed project, which is being handled by a serving cabinet minister's family members.

Women, Family and Community Development Minister Shahrizat Abdul Jalil said her family had worked hard on the project and do not deserve to be criticised.

Yesterday, PKR exposed more documents to show that the NFC had paid RM9.8 million for a unit of the One Menerung condominium in upmarket Bangsar, Kuala Lumpur.

The party accused the NFC of misappropriating funds in an investment that does not relate to cattle-rearing.


Apartment rented out

Khairy warned that should the money be left idle in a current account, its real value may be affected and thus the NLMC management acted responsibly.

“As a simple example, if NLMC bought a cow from the satellite farms today, the cost might be cheaper compared to next year due to inflation.

“When all beef purchases could not be made, it is the duty of the management to decide when they are going to do with the monies in their current account,” he said.

Khairy said that the management had made a safe investment with good returns and that the asset could be sold when cash is needed.

“It is for certain that they will see a residential project of good quality and interest to ensure that NLMC’s rental returns and return of investment is exceed that of a current account.

“It is understood that the apartment has already been rented out and is generating returns for the NLMC. The property value had already increased since then,” he said.


Projek lembu: Beli kondo untuk pelaburan, kata Khairy

Khairy: NFC tak seleweng, cuma labur beli apartmen mewah RM10j


MCA supporter
- Question: 1) Under whose name the cow condo? 2) How you expect to make short term gain in down turn market now, you still have to pay lawyer fee& stamp duty, isn't it gamble, or should we say CBT case. 3) A 10million condo, how to sell and make a profit in this uncertain economic period? 4) Advice to interested buyer: good time to buy this condo, Sharizat will force to sell, and put the SPA value higher than 10million so it look good to her( but they sell you at 6million only)........sound business strategy..

- KJ, when a company purchased asset that is not related to your core business - this should be a red flag for fraud. Look at olympus!! And you tell me why a cattle management business entity would want to invest in a condo. And you claimed this is done to generate return - what a syut answer!You have wasted your talent, and if I have the same and out of oxford or should I said oxfart, I am sure I would do a lot of great things for Malaysia, more than you did.

- So the money meant for development are put into more cronies pockets as 'investments' while deprive real cattle farmers who're in need of funds. wow, great explanation or boot-licking, KJ.

Narrish - Yang Berhormat : Jaganlah membusuk kan nama anda, dengan jawapan bodoh.Kita rakyat bukan bodoh.Projek demi projek semua gagal dibawah Barisan Nasional.Duit Rakyat yang korban .

Kalau nak labur dalam harta sekalipun, kenapa beli satu condo saja,kenapa tidak 10 atau 20. Nampak sangat KJ bohong...



Anonymous said...

Khairy, you don't try to fool the public, the money is meant for breeding cow and not for investment of luxury condo or shares.

Can the Education minister use funds meant for school for gambling in Genting?

If can, then tell Najib to say it out because we ordinary Malaysian do not want to end up in jail for following your reasoning.

Anonymous said...

Tolong perjelaskan kondo yang dibeli itu atas nama siapa supaya menjadi lebih terang dan nyata.

Tolong serah kepada PAC minit mesyuarat lembaga pengarah untuk di audit.

Jawapan-jawapan dan respond Najib, Muhyiddin, Noh Omar, Shahrizat dan KJ masih terlalu kabur dan tidak meyakinkan.Najib kata kepala, Noh kata ekor, Mahyuddin tak kata apa-apa. Shahrizat kata belakang, KJ kata buntut.

Anonymous said...

Lembu punya susu, sapi dapat nama. Sharizat punya hal KJ yang sibuk tak tentu hala.

Bagilah betina tu jawab!!!!!

Anonymous said...

The Auditor General said that the NFC is a mess but Khairy contradicts the AG by saying that it is a good strategic investment move.

Now, who is correct?

Buying a condo mean that you cannot liquidate the money as fast as cash. What happens when NFC needs instant cash?

But dont worry...duit EPF,Petronas,
Tabung Angkatan Tentera ada ma!!!!

Anonymous said...

Ini kisah lembu dan SPRM.

Bila timbul kes MB Selangor,Khalid Ibrahim sedekah lembu untuk korban, UMNO dan NGO2 pro UMNO buat laporan kat SPRM.

Bila dibuat aduan SPRM secepat kilat pula membuat siasatan.

Bila kes lembu yang sama terjadi kepada Sharizat Jalil dan koncu2nya, SPRM begitu liat nak bertindak!!!

Anonymous said...

MACC get to work immediately...

Khairy says its a good investment and getting good rental.

Yes- Paid by whom and to whom...or is this another Lie?.,

Check, Verify & Confirm - we devoted, suffering and poor Public want to know and have a right to demand Accountability & Transparency.

Anonymous said...

Kalau kerajaan dah tak ada duit untuk bangunkan ladang satelit yang terbantut, kerajaan (sepatutnya) mengambil kembali duit tersebut tapi kenapa beri duit itu untuk membeli kondominium???

Duit tu bukan duit kau Khairy atau kak Sharizat, itu duit rakyat!!!

Anonymous said...

Penjelasan Khair)langsung tidak menggambarkan dia adalah seorang graduan Oxford.

Pokoknya ini bukan isu pelaburan (membeli kondo) tetapi ini soal isu Amanah dan Tangungjawab.