Buzz Sociopolitics Malaysia: NFC depends purchase of Luxury Condo Units

NFC depends purchase of Luxury Condo Units

November 18, 2011

www.themalaysiainsider.com

NFC depends squeeze of Luxury Condo Units in Up-Market Bangsar

by Clara Chooi (11-17-2011)

Dogged by claims of irregularity, the National Feedlot Corporation (NFC) finally pennyless the silence today to defend the squeeze of multi-million oppulance condominum units in Bangsar as the "good business decision".

In the press lecture opened to comparison mainstream media organisations, the authority Datuk Seri Dr Mohamad Salleh reasoned which the investment had helped produce better earnings for the NFC plan compared to keeping the income in the bank.

It was also suggested then which the NFC owns dual units at the upmarket condominium, as against to the single as formerly reported.

According to Berita Harian Online, however, Mohamad pronounced the common ownership units had cost over RM6 million each, instead of the RM9.8 million originally alleged by PKR.

Mohamad reportedly claimed which the money, if hold in the bank, would have only yielded 2.6 per cent in annual returns."[Real estate investment] can beget annual profits of up to 12.9 per cent as well as cash rebates as well as let produce of RM900,000 for the initial year, which is channelled to the association as well as not to any individual," the Malay every day quoted Mohamad as saying during the briefing.

The Berita Harian report, however, did not state if Mohamad, the father of Cabinet Minister Datuk Seri Shahrizat Abdul Jalil, had explained whether the federally-funded National Fe! edlot Ce ntre had been allowed to make such alternative investments.

"There have been still many projects underneath the NFC which have been yet to be carried out.As such, whilst waiting for their implementation, you figured the grant income which was yet to be used should be invested so you can beget profits," he said.

Despite disputing PKR's allegations of crime against his company, Mohamad pronounced he was yet to confirm if he should take legal movement against his accusers, quite PKR strategy executive Rafizi Ramli.

"The total family must sit together as well as discuss this before determining further what movement you should take," the every day quoted him as saying.

PKR was initial to expose details of the now-scandalised NFC plan as well as recently suggested which Mohamad's association had spent the whopping RM9.8 million to squeeze the common ownership unit.

Its secretary-general, Saifuddin Nasution, pronounced the oppulance apartment at One Menerung, Bangsar, was recorded by NFC, the cattle farming plan managed by the minister's family, as part of the RM83 million "loan" to NMLC.

But UMNO Youth chief Khairy Jamaluddin savaged the party for the allegations, claiming the apartment house was paid for as an investment when the NMLC found itself with excess supports when the government ran out of supports to rise heavenly body cattle farms.

Khairy has also claimed the apartment house had appreciated in value given it was purchased. He did not, however, mention the let yield.Many genuine estate experts have resolved which Kuala Lumpur is confronting the bolt of oppulance properties, with let yields falling as most as 50 per cent in some cases.

The Auditor-General's Report expelled last month had criticised the NFC, pointing out which it was now "in the mess". The inform pronounced prolongation in 2010 was only 3,289 head of cattle or 41.1 per cent of the aim set.

Agriculture Minister Datuk Seri Noh Omar, however, responded upon Oct 31 which the p! lan is t he success as well as had met the targets.