What ‘the squid’ did not tell you about FELDA

“It is very mischievous of the squid to say that FELDA has more than RM10 billion of liabilities but does not say that it has RM28.2 billion worth of assets”

Lim Sian See

The most sotong (Rafizi) one of them all made allegations that between 2013 and 2015, more than RM8.7 billion in losses was reported by FELDA.

“Since FGV was listed, Felda group has seen total losses of more than RM1 billion every year between 2013 to 2015,” he said.

“I’ve been in finance for over 20 years and I have never seen a company incur RM1 billion in comprehensive losses every single year and this does not even include 2016 or 2017 yet,” said the seafood whose main job is to menghasut rakyat tiap tiap hari.

He also said that Najib may incur the wrath of Felda settlers his own projections that showed that Felda will have accumulated debt of RM12.6 billion by this year and that if not for the govt, Felda would have been declared bankrupt.

He also said that the govt is scared to reveal the numbers hence he has to make his own projections – which is why the govt had not dared to publish the year 2015 and 2016 accounts for FELDA.

“I too have family in Felda,” said the squid..

“The effect is too scary to even consider or imagine,” he squealed.

That is why Latheefa Koya said that Lapiji will use numbers to lie and will continue to lie using numbers.

First and foremost, the year 2015 FELDA accounts were published AND debated in parliament on 6th April 2017. It appears that Lapiji may have ponteng Parliament on that day – hence he is not aware. (year 2016 accounts are not ready yet and will be tabled next year).

Secondly, you will notice that Lapiji said that Felda lost RM1 billion per year every year since 2013 which he projects to total RM8.7 billion from 2013 to 2015.

He somehow does not take into account the years 2011 and 2012.

If you read the official audited FELDA accounts for 2011 to 2015, you will see a profit in 2011 and a BIG profit in 2012 totaling RM6 billion.

After FELDA made the bumper profits in 2012, FELDA had used this windfall money to spend on the settlers for replanting and settlers welfare projects and payment – which resulted in the RM1 billion debt per year.

FELDA is a Govt Statutory body – not a company – and it’s job IS to take care of the settlers, so what is wrong with FELDA losing money to spend on settlers since this is EXACTLY FELDA’s job?

FELDA does not go bankrupt because it is not a company and also because FELDA IS GOVT.

In total for the years 2011 to 2015, FELDA actually made an audited profit of RM2.17 billion – not a loss of RM8.7 billion as alleged by the Sotong.

Also, the liabilities (not debt) of FELDA as at end 2015 is RM11.5 billion – but the total assets of FELDA is RM28.2 billion. And this is even before taking into account that FELDA does not revalue its freehold land.

It is very mischievous of the squid to say that FELDA has more than RM10 billion of liabilities but does not say that it has RM28.2 billion worth of assets.

This is because he is just doing his job of menghasut the naive rakyat tiap-tiap hari by lying using numbers.

Source: www.facebook.com/lim.siansee

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