The decision to list Felda Global Ventures Holding (FGVH) is nothing some-more than an practice to gain as much increase for those who have been a greatest stakeholders in FGVH, a loss-making abroad investment unit which has been run by Prime Minister Najib Razak's middle circle of monetary advisers.
FGVH subsidiaries such as FELDA Iffco Sdn Bhd, FELDA Global Technologies, FELDA Global Ventures Middle East as well as FELDA Global Ventures Arabia have been reported to have chalked up amassed waste of around RM500 million up to final year.
The categorical body as a total is still profitable. Indeed, FELDA Holdings has a workforce of a little 19,000 employees, with a labour force of 46,795 workers during 300 estates, 70 palm oil mills, seven refineries, four kernel-crushing plants, thirteen rubber factories, production plants as well as multiform logistic as well as bulking installations widespread via Malaysia as well as multiform locations overseas.
But critics contend which a due listing, which will see loss-making FGVH assume carry out of a FELDA Investment Co-operative (KPF), will short-change smallholders as well as saddle FELDA with up to RM1.5 billion in each year deficit. Thus, a cash-cow Felda Holdings will see itself drawn into debt from a conflict as well as to illustrate inspiring every small-holding settler they have under their umbrella.
The total thought of 'parking' a essential association under a carry out of a single which has proven itself as a poor performer in business, is illogical as well as creates for bad business sense. Yet this is a devise mooted by a Najib's establishment.
How much shares will a Felda settlers have to hand over in order to create a brand brand brand new offerings for brand brand brand new investors? And who will a brand ! brand br and new investors be? This is important as essentially, a Felda settlers have been handing over their rights over Felda in lapse for a discerning buck. In a long run, a predestine of a ! Felda se ttlers will be determined by those who hold a determining stake in listed Felda.
Najib as well as Felda authority Isa Abdul Samad have been adamant which a listings will go brazen as scheduled. The devise is right away to have a special purpose vehicle (SPV) set up to safeguard which increase from a inventory of FGVH have been channeled directly to a settlers; of course, it is any-one's theory as to who will helm this SPV, though a SPV will take over a role of a KPF. And if Isa's controversial as well as without a friend appointment as Felda arch is any measure to go by, settlers can expect a SPV head to additionally be a Najib 'yes-man'.
As far as a resource goes, Felda, which is 100% owned by a government, will have to buy over KPF's equity in Felda Holdings Bhd giving them a determining stake in FHB. When this happens, there will be nothing to stop a transfer of shares from FHB to FGVH as well as eventually a inventory practice of FGVH.
Indeed, this is a 'get rich scheme' which can only benefit those who have a capacity to buy a share offerings from FGVH. The IPO effectively takes carry out from a settlers as well as serves it to a top bidder.
"The settlers themselves cannot means to buy shares as well as enhance a company. So inventory is a single approach to inject some-more collateral as well as investment. At a end, a settlers will be given a same turn of dividend. So, there is nothing to lose," Mahathir told reporters after rising a Malaysia OSV Owners' Association (OSV Malaysia) here.
But during what price to a settlers? Did Mahathir even once deliberate this? Did Mahathir even once asked himself because a Felda settlers till right away have no money to buy shares as well as enhance their company? Who then is Mahathir to say if a IPO is great of bad!
Tengku Razaleigh Hamzah forked out which once a inventory took place, land belonging to a FELDA settlers will go on a open market. Once unprotected to a open market, Razaleigh warned which "anyone" could buy up shares during any volume if they could means it, as well as which this could result in settlers losing their lands if shareholders were to sell their shares.
"If a price goes up, as well as if a shareholders want to profit, of march they will sell (to alternative people) ... it would be foolish not to take value of a distinction (making) situation. The land which was previously owned will be lost because alternative people have owned shares as well as right away have rights to a land. That is dangerous," said Ku Li, a Kelantan prince as well as a Umno MP for Gua Musang.
This is Najib's thought of enriching a small-holding settlers of Felda. After earnest to give a settlers sweets, he turns around as well as offers a sugarine factory to a top bidder.
The question which really begs an answer, is because a sudden, urgent need to list Felda? Does this meant which a reports of a Malaysian supervision using out of money have been true? Or is there another back-to-back understanding to siphon out a increase from a IPO to another Umno money-making scheme?
Until some-more alarm blowers come forward, your theory is as great as ours. -Maclean Patrick, Malaysia Chronicle
Read full articlehere.
'Anak' gesa tarik balik 'borang durian runtuh'
Presiden Persatuan Anak Peneroka Kebangsaan (Anak), Mazlan Aliman memberi kata dua kepada pihak Felda sama ada menarik balik 'pekeliling durian runtuh' yang diedarkan kepada peneroka atau laporan polis akan dibuat.Katanya, ini disebabkan timbul keadaan yang amat mengelirukan dan kegelisahan di kalangan peneroka kerana semua dokumen seperti salinan kad pengenalan, geran ladang, rumah digunakan untuk tujuan tertentu.
"Saya banyak terima aduan dalam seminggu ini tentang edaran borang untuk mendapat 'durian runtuh' dengan maklumat penting iaitu fotostat kad pengenalan, geran ladang, rumah, standing senarai hitam bank dan pewaris.
"Isinya agak berbeza tetapi membawa implikasi yang sangat besar kerana dokumen-dokumen penting boleh dimanipulasi.
"Jadi saya nak minta satu penjelasan siapa yang keluarkan arahan itu? Saya tak salahkan pengurus-pengurus Felda kerana mereka hanya menjalankan arahan daripada pihak atasan," katanya dalam sidang media di sini semalam.
Tambah Mazlan, ini berkaitan dengan janji kepada peneroka.
"Ada pengurus yang janji nak bagi duit tunai RM10,000 ada yang janji dalam bentuk saham. Ini satu harapan kepada peneroka dan bila nak bagi duit mereka tak fikir panjang lalu serah semua dokumen," katanya.
Katanya, ada beberapa tempat seperti di Jengka 18 peneroka disuruh membuat buku akaun dan agen bank sendiri datang ke balai raya.
"Bagi saya ini akan menimbulkan keadaan yang mengelirukan terutama sebenarnya janji durian runtuh itu tidak wujud sama sekali," jelasnya.
Mazlan juga berpendapat, ini mungkin juga satu helah di mana akhirnya pihak tertentu akan menggunakan semua dokumen tersebut untuk mereka akhirnya menjustifikasikan peneroka Felda secara majoriti setuju dan menyokong penyenaraian FGVH.
Tambahnya, tidak musta! hil seca ra halus atau pintu belakang mereka menggunakan referendum itu untuk meneruskan penyenaraian dengan paksaan tetapi secara halus.
"Sebab itulah saya sudah beritahu peneroka yang menghubungi saya supaya buat laporan polis kerana ada unsur ugutan, penipuan dan salah guna kuasa.
"Jadi oleh kerana isu ini begitu besar dan melibatkan warga Felda seluruh negara, saya minta surat arahan itu ditarik balik serta merta. Saya nak katakan durian runtuh itu satu pembohongan sebab mesyuarat agung khas (EGM) semalam (kelmarin) joke dibatalkan, KPF tiada kaitan dengan penyenaraian jadi nak dapat durian runtuh dari mana.
"Sebab itu saya katakan durian runtuh itu cerita karut dan yakin ada satu agenda halus yang menjurus kepada mereka nak bina satu keyakinan sebenarnya yang hendakkan penyenaraian itu kononnya besar dan yang menolak itu kecil," tegasnya.
Mazlan tidak menolak usaha itu mungkin ada kaitan dengan kenyataan Pengerusi Felda, Tan Sri Isa Samad yang mahu Felda disenaraikan juga menggunakan mekanisme yang lain setelah gagal EGM.
Dalam sidang media yang sama, Mazlan mengucapkan syabas kepada Tengku Razaleigh Hamzah yang berani mengeluarkan kenyataan terbuka dan jelas bahawa bahaya bagi Felda jika disenarai di bursa saham kerana beliau seorang yang berpengalaman dalam ekonomi.
Katanya, kenyataan berani tersebut sangat signifikan dalam hala tuju penyenaraian Felda dan itu jugalah sebenarnya kebimbangan warga Felda selama ini justeru minta Perdana Menteri membatalkan saja usaha penyenaraian itu.-harakahdaily
cheers.
Posted byali allah ditta
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Courtesy of Bonology.com Politically Incorrect Buzz & Buzz
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