18
Feb
17

Felda seeks to soar like an eagle – on one wing

Felda seeks to soar like an eagle – on one wing

YOURSAY | ‘It needs to sell assets to stabilise cash flow, yet it has money to invest in Eagle High.’

Felda selling assets to stabilise cash flow, says Shahrir

Ipohcrite: Poor Shahrir Samad, what has he gotten himself into? Selling assets to stabilise cash flow indeed. Like selling a hotel that generates cash for you? That’s doing the exact opposite.

He can’t even make a statement that comes across as having an iota of common sense. Just tell it as it is – Felda is selling assets to fill the large hole of debt that it has fallen into.

Don’t try to sugar coat it with some absurd explanation.

Anthony Chan: Yes, it just doesn’t jive. Felda needs to sell assets to stabilise its cash flow and yet it has money to make a huge investment in Eagle High Plantation.

Beh Tahan: “I think the hotel in Bayswater has matured in the sense that the value is up and we bought it when the pound (value) was quite low, less than five (ringgit to one pound) and now it is more than five,” said Shahrir.

The pound is more than RM5 because the ringgit has gone down, isn’t it? So where does the profit comes from?

RCZ: He quips and jokes when billions of government funds are lost by alleged mismanagement and theft.

Why is a company touted as having the second largest IPO (initial public offering) five years ago facing cash-flow problems?

Where did the cash go? Why was there a need to have purchased hotels in the first place when the palm oil industry, which is the core business of Felda, was not being taken care of?

Why and how is the Eagle High deal lucrative when the shares to be purchased are overvalued? Is there going to be a fire sale in two years’ time to dispose of this loss-making shares?

Why is Felda coming back from worse, and is it okay that it has gone that way in the first place?

We all know the Umno model. Take from Peter to pay Paul. When Paul is flushed with money, change the chairperson and take money from Peter again. And so, it will go on.

Appum: I like the way this new chairperson uses the term “it is government investment” so casually.

There must of justification in the way the government uses its funds, be it for operations or investments.

Such funds of the people (meaning the rakyat’s money) cannot be carelessly used, resulting in losses for the government.

Does it mean that the money of this state agency, which is essentially meant to help a certain section of Malaysians, can be thrown away like durian skins?

We all know durians like ‘Mau San Wong’ (Musang King) are expensive, yet its skins are of little value.

Is this the way the government treats the rakyat’s money? Is this the way massive allocations for these types of activities can be carelessly utilised?

There is no accountability and responsibility of and by the top-level management in the losses and careless decisions made by them. Are they not answerable to Parliament?

Clever Voter: Selling assets to raise cash may not be wise if the Felda board hasn’t done the following.

First, strengthen governance from the board downwards. This involves removal of ineffective board members, especially those from the government.

Second, review procurement practices and policies where independent audits must be done.

Third, look at its investment portfolio. It would be wrong to sell assets to pay dividends to win political support.

Speak for All: Yes, you are right, Shahrir. To stabilise cash flow in Felda, we need to sell every property that the agency holds.

It is a typical thinking for some Malay politicians – to sell everything today and don’t think about the future. They will even sell their souls and later complain that the non-Malays have stolen everything from them.

Wira: So the government money parked in Felda is to buy a non-controlling interest at Eagle High at a ridiculously high price?

You need to let taxpayers know how the money is parked. Since you claim to an expert in managing palm oil industry, we also need you to let us know if the investment is sound and in the best interests of the country.

Anonymous 2436471476414726: Umno, why don’t you ask for an RCI (royal commission of inquiry) on this issue? Something is not right in Felda. These are events which are happening now, not some 30 years ago.

Anonymous_1419577444: “Stabilise cash flow” is technical jargon to mean “company having cash flow problem”. “Matured assets” is just sugar-coating, which in English means “assets that can be sold for cash”.

What people should ask is whether or not Felda made any money from selling these “matured assets”? And if it made losses, then why sell now?

For instance, if it costs Felda RM300 million to buy those Maybank shares and now Felda sells them for RM280 million, then there is a loss of RM20 million.

Tell the Truth: Indeed, why sell assets that are making money for you?

Do you understand economics? Maybe the only economics you know is how to get more for yourself and let the government worry about settling the debt.

Realthistime: What does a full-time politician, who never had any commercial experience, know about rescuing Felda?

Demi Rakyat: GE14 is around the corner. There is a need for money to pay the Felda members to try to get their votes. This is what Shahrir has been sent by Najib to do.

…more
Felda seeks to soar like an eagle – on one wing
18 Feb 2017 – malaysiakini

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