Lim Kit Siang responds to Malaysia Today

“It (the opposition) had just launched the ANC (Anti-Najib Campaign) and all they were interested in was to oust Prime Minister Najib Tun Razak”

Lim Kit Siang may have just given Raja Petra Kamaruddin (RPK) two thumbs up.

In a statement yesterday (READ HERE), the DAP supremo called for the setting up of a Royal Commission of Inquiry (RCI) to investigate billions in losses incurred by Felda Global Holdings Berhad (FGV) and Lembaga Kemajuan Tanah Persekutuan (FELDA).

The statement, made out to Roketkini, was a tacit endorsement of an editorial featured in Malaysia Today last Friday, the 9th of June 2017 (READ HERE).

In the editorial, RPK spoke of how the market and investors lacked confidence in FGV under the leadership of its current non-executive chairman, Tan Sri Isa Abdul Samad.

According to the blogger, the lack of investor confidence in Isa’s ability to steer the company was the reason the group’s share price threatened to depreciate below the RM1.00 mark.

“When Felda Global Ventures Holdings Bhd (FGV) was listed in June 2012 its share price was RM4.55 per share, giving the company a market capitalisation of RM16.6 billion.

“Today, at RM1.66 per share, RM10.6 billion of FGV’s market capitalisation has been wiped out,” the blogger said.

RPK added that the company’s worth could fall below RM3 billion by the year end, translating into losses of more than RM13 billion in market capitalisation since Isa first took control of the palm oil giant.

In a separate article (READ HERE), the blogger pointed out that the case of FGV was one of bad governance and one the opposition coalition long ignored for the apparent lack of political expediency

“It (the opposition) had just launched the ANC (Anti-Najib Campaign) and all they were interested in was to oust Prime Minister Najib Tun Razak.

“And they had the 1MDB issue for that,” he added.

Isa courted controversy a little over a week ago when he convinced FGV board directors to relieve Dato’ Zakaria Arshad of his duties as president and CEO pending investigations into alleged irregularities involving a subsidiary of the group, Delima Oil Products Sdn Bhd.

According to Isa, Zakaria had violated the company’s policy by allowing a long-time customer of the group – an Afghan company named Safitex – to purchase palm oil products from Delima without the safeguard of a letter of credit.

Comments

Comments