Felda investment in Indonesia Eagle High a bust, says oil palm watchdog

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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  • Looks like our present Government should stay out of business as they service delivery to the Rakyat on all service sectors sucked as well. It's time they take stock of themselves and fire those advising them on investment and only concentrate on what they do well, service delivery. This has been neglected or taken for granted of late....looks like failure is painted all over their investment of late.....LOL

    Posted 2 years ago by Crishan Veera

  • It proves my suspicions! The purchase was used to siphon money for part finance GE14 ...... as some money from 1MDB was used for GE13 ..... and many rakyat were so stupid not to connect the dots .......... now ECRL????

    Posted 2 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 2 years ago by Kim quek

    • ...... after listing, with plenty of money, of course, the pirates will raid ..... ever wonder why GLCs are unprofitable? ....... profits are stolen in some form or other ..... (frankly it started during Tun's tenure)

      Posted 2 years ago by Malaysian First

    • Agreed with your comment. Correction : not down the drain but individual pocket or interest and benefits.

      Posted 2 years ago by Abdul Rahman Abdul Razak

  • There are some deals Najib pushed ahead that makes no sense. EHP, ECRL are recent examples. These are sure money losers anyone with half a brain can predict The question really is why then?

    Posted 2 years ago by Bigjoe Lam

  • Malaysia is rich country with tonnes of mineral sources instead of investing in other country hoping for high returns if GLC's knows how to play their card right but it seems all sucks. It would be better if they use the funds to develop Malaysia as industrialised country which in return increase the country GDP and decrease unemployment. GLC's should wisely use the fund they invested outside to set up factory to produce finish product for export instead of exporting raw materials. For example to name a few :- oil , gas , rubber, palm oil,iron ore and bauxite etc , we can simply set our own factory to process all this raw materials to finish products for export. For sure it create employment for the local and boost country GDP.
    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 2 years ago by Abdul Rahman Abdul Razak

  • Peter Sondakh have been liquidating his assets for the past several years and shifting all proceeds outside Indonesia. It will be naive to think there was no proper due diligence conducted before such acquisition by the buyer.

    Posted 2 years ago by L.B. Saw