Serious blunder or dishonest reporting?

What fight chest, Mr Leslie Lopez? This is something a boys as well as girls during The Malaysian Insider won't be proud of, quoting a Straits Times of Singapore as alleging that:

"... a ruling BN goverment hoped to lift as most as RM6 billion from publicly inventory a sovereign land supervision (sic) in Mar subsequent year TO FUND ITS ELECTION WAR CHEST".

Where a ruin did Debra Chong get a idea about an choosing fight chest?

Read her misleading piece subsequent as well as Leslie Lopez's report that follows. Mr Lopez of ST did refer to a sum of RM6 billion (in a 2nd para of his story) ...

Malaysia's Federal Land Development Authority (Felda) could lift as most as RM6 billion (S$ 2.5 billion) from a listing. But a monetary misadventures abroad have been posing serious problems to a corporate reorganisation.

... though he done no discuss whatsoever about an choosing fight chest!

I am certain Felda will find a Insider's essay offensive. The trusting reader would right away wonder, was that an honest mistake or was that a dishonest reporting? (the word was used by this seasoned journalist who alerted me to a blunder just prior to dinner).

Whatever it is, a Insider owes Felda, a Straits Times of Singapore, as well as a readers an explanation. (Usually, editors do not mind apologizing for such mistakes though you know of a single who right away goes about as a "businessman" who refused to swallow ones pride for a single of a biggest lies told in a journal mainstay i! n Malays ia...)

The Malaysian Insider's "dishonest reporting":

Felda faces barriers to going public

By Debra Chong

KUALA LUMPUR, Nov twenty-five State-owned Felda is experiencing problems in a ov! erseas s takes that crop up to bluster a programmed inventory as well as could further impact inhabitant polls widely approaching to be called subsequent year, a Singapore Straits Times reported today.

The Singapore every day remarkable that a ruling Barisan Nasional (BN) supervision hoped to lift as most as RM6 billion from publicly inventory a sovereign land supervision in Mar subsequent year to fund a choosing fight chest.

But complications from Felda's commercial operation ventures abroad, including a US-based vegetable oil processing association called Twin River Tech, have thrown a tool in a works. Felda had acquired a plant in 2007 for RM241.4 million as well as was mulling offered it off to plantation hulk Sime Darby, though a devise is additionally hold up due to pricing issues.

"Trimming a complaint resources would have a inventory some-more attractive, though anticipating buyers isn't going to be easy," a paper reported an unknown comparison banker close to a Felda restructuring devise as saying.

It pronounced Sime Darby's Thai partner, PTT Chemical International in an additional US-based oleochemical association would doubtful support a proposal. It cited an additional unknown banker as saying:

"The (Felda) supervision has set end-March as a target for a listing. We will be propitious if you get it down by May."

According to ST, these complications were likely to add to a rising protests from a little of a 113,000 Felda settlers who collectively own a determining 51 per cent stake in a association as well as paint a crucial choosing by casting votes group.

The gist of a matter, a paper reported, was since of Felda's formidable corporate structure. Felda Global Ventures Holdings, that handles most of a loss-making commercial operation ventures abroad, has a direct 49 per cent share in a main association called Felda Holdings. Felda Holdings is a money-spinning craving that handles a rural as well as plantation-focused side of a commercial operation in a country as well as is o! wned by a politically absolute settlers' associated Koperasi Permodalan Felda, a Singapore paper observed.

It remarkable as well that Umno, a BN's lynchpin party, had prolonged depended upon a associated members to broach a votes in as most as 54 sovereign seats in a 222-member Dewan Rakyat. But a antithesis Pakatan Rakyat had in new months done inroads in to this Malay-centric vote bank as well as exposed most monetary irregularities as well as mismanagement within a Felda corporation, as well as fanned a groundswell of distrust against a ruling BN bloc.

ENDS

The Straits Times' honest reporting:

Felda'! s planne d inventory faces hurdle

Leslie Lopez, Senior Regional Correspondent

25 November 2011

Malaysian plantation hulk carrying difficulty removing rid of complaint resources overseas

KUALA LUMPUR: One of a country's largest state-controlled plantation groups wants to debonair up a corporate profile with a vital renovate brazen of a open inventory early subsequent year.

Malaysia's Federal Land Development Authority (Felda) could lift as most as RM6 billion (S$ 2.5 billion) from a listing. But a monetary misadventures abroad have been posing serious problems to a corporate reorganisation.

These could attract antithesis from a roughly 113,000 people who have settled upon Felda plantations. Collectively, they carry out a vital stake in a association as well as paint an critical electoral choosing by casting votes confederation in peninsular Malaysia.

That in turn could have inclusive implications for Prime Minister Najib Razak's ruling Barisan Nasional (BN) bloc government, that is planning to call snap polls brazen of a five-year charge expiring in mid-2013.

'Trimming a complaint resources would have a inventory some-more attractive, though anticipating buyers isn't going to be easy,' pronounced a single comparison banker close to a Felda restructuring.

One vital complaint is Felda's investment in a loss-making United States-based vegetable oil processing association called Twin River Tech, that was acquired in 2007 for RM241.4 million.

Felda is considering divesting a interest in a project to a Sime Darby plantation group, that additionally owns an oleochemical plant in a US. But a devise is facing problems over pricing issues. What is more, Thailand's PTT Chemical International, Sime Darby's joint-venture partner in US association Emery Oleochemicals, is doubtful to support a due acquisition, monetary management team said.

The complications outse! t from a monetary troubles faced by Felda's international resources could delay a programmed open inventory targeted for a first quarter of subsequent year, that a supervision hopes could lift as most as RM6 billion.

'The (Felda) supervision has set end-March as a target for a listing. We will be propitious if you get it down by May,' pronounced a arch executive of a Malaysian monetary institution who is closely tracking Felda's corporate reorganisation.

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Several monetary management team pronounced that even if a deadline is met, coming up with a monetary have up that will be palatable to a group's settler farmers, who collectively carry out a vital equity retard in a company, could be tough.

The Felda organisation has a formidable corporate structure. The government's wholly owned Felda Global Ventures Holdings, that owns most of a loss-making abroad operations, has a direct 49 per cent interest in a corporate jewel called Felda Holdings.

Felda Holdings is a corporate stable for a group's profitable made at home cultivation businesses as well as alternative plantation-related business. It is 51 per cent owned by a politically absolute settlers' mild Koperasi Permodalan Felda.

The plantation group's ethnic Malay settlers, who expel deciding votes in 54 parliamentary constituencies in peninsular Malaysia, collectively own ! a coop erative.

Datuk Seri Najib's United Malays National Organisation (Umno) celebration has prolonged relied upon this organisation of voters to preserve a domestic dominance in a BN bloc government. But domestic a! nalysts maintain that Parti Islam SeMalaysia, a country's religious antithesis celebration that controls a state governments of northern Kedah as well as Kelantan, as well as Parti Keadilan Rakyat, headed by former emissary budding apportion Anwar Ibrahim, have done inroads upon Umno's stranglehold upon this crucial electoral constituency in new years.

The analysts remarkable that a corporate restructuring of Felda that would intermix a worth of a settlers' land in a plantation organisation is certain to be exploited by a opposition, that has in new months unclosed purported monetary irregularities as well as mismanagement in a award of supervision contracts. ENDS

Read additionally Big Dog's earlier reply to Leslie's article, FGVH inventory upon track, investments abroad geared for winningswhere a blogger done a little clarifications. Big Dog has created utterly extensively upon a open inventory of Felda in both his blog as well as a MSM.