AS if the spectre of mega corruption scandals plaguing Felda – the collapse of FGV price, the dubious purchase of properties in London and elsewhere, and the fraudulent loss of premium land bank in Jalan Semarak, KL – weren’t sufficient to put Prime Minister Najib Razak in a tailspin of sorts, the latest share price of Eagle High Plantation (EHP) would surely trigger a big dent on Najibnomics.

Granted, despite fierce critique from almost all quarters; analysts, oppposition politicians and researchers, the Finance Minister-cum Prime Minister Najib Razak went ahead to purchase Eagle High Plantation of a 37% stake in Eagle High Plantation a year ago. 

Felda, via FIC Properties Sdn Bhd, acquired the 37% shares of Eagle High for approximately US$500 million (RM2.26 billion), paying approximately IDR580 (RM0.17) per share, at an extremely high premium of 95% to its closing share price at the point of acquisition.

A year later now, Eagle High’s share price trades at a measly IDR204 per share, less than half of Felda’s very pricey price. Felda suffers a paper loss of approximately US$300 million (RM1.3billion). EHP, accprding to the oil palm watchdog International Palm Oil Monitor (lPOM), has been recording losses for the past several years.

Due deligence reports prepared in relation to EHP’s acquisition by KPMG and sighted by IPOM had also clearly detailed numerous concerns and improprieties.

These include among others, cash flow problems, inflated acquisition price, non-compliance with laws and regulations, excessive borrowings and excessive amounts due for repayment to the banks and tax evasion.

More importantly, Najib must now answer for and be accountable as to why a government agency was forced to bailout his buddy Peter Sondakh’s Rajawali Group, while all arguments and analyses, are against the acquisition?

Secondly, what say the Chairman of Felda Shahrir Samad now? And what downstream activities have been embarked upon by Felda, after a year of acquiring EHP, as strong rationale for the acquisition in the first place?

Simply put, with this latest fiasco and unending bad newsflow, wouldn’t it be fair for the rakyat and particularly Felda’s settlers to campaign for ‘End the Rape on Felda’ and debunk the Najib-BN kleptokrat?

I rest my case. – February 28, 2018.

* Dr Dzulkefly Ahmad is the strategy director for Parti Amanah Negara.

* This is the opinion of the writer or publication and does not necessarily represent the views of The Malaysian Insight. Article may be edited for brevity and clarity.