Felda investment in Indonesia Eagle High a bust, says oil palm watchdog
Updated 6 years ago ·
Published on 20 Feb 2018 7:56PM ·
FELDA’S investment in Indonesian oil palm planter PT Eagle High Plantations Tbk (EHP) is a bust said an oil palm watchdog.
International Palm Oil Monitor (IPOM) said a due diligence report prepared in relation to EHP’s acquisition by KPMG and sighted by IPOM clearly detailed numerous concerns and improprieties.
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Comments
Posted 6 years ago by Crishan Veera
Posted 6 years ago by Malaysian First
Another of Felda’s mega investment has gone down the drain! Its US$500 million (more than RM2 billion) purchase of a 37% stake in Eagle High Plantation a year ago is now valued at US155 million, less than a third of its purchase price, and expected to go further down.
This purchase from Najib’s buddy Peter Sondakh was rammed through against fierce criticism arising from the purchase cost being double the market price, and from a host of problems which caused the company to have suffered persistent losses for years in succession.
This bad news follows a series 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.
With such unending raiding and impoverishment of Felda, what future is there for the Felda settlers, if the Najib-led Umno continues to rule?
Posted 6 years ago by Kim quek
Posted 6 years ago by Malaysian First
Posted 6 years ago by Abdul Rahman Abdul Razak
Posted 6 years ago by Bigjoe Lam
We might be lack od professional but we can hire professional, take an approach on technology transfer such as BOT program. Rakyat Fund is for the Rakyat it should be used wisely for the benefits of Rakyat not for individuals and personal interest. As it seems that all tje Rakyat fund had been misuse for individual interest. Govt sjhould
4Stop politicising small issues.
Posted 6 years ago by Abdul Rahman Abdul Razak
Posted 6 years ago by L.B. Saw