Malaysia to pump RM6.23 billion in aid to state palm oil firm Felda

Thu, Apr 11, 2019 - 5:50 AM

Mr Azmin said Felda will exercise an option to walk back a US$500 million purchase of a stake in Indonesian palm oil firm PT Eagle High Plantations, a deal made during Mr Najib's premiership that was criticised as being too expensive.The report follows a probe ordered by the government of Mahathir Mohamad, which came to power last year after defeating Malaysia's long-time ruling coalition and which had vowed to look into Felda's financial troubles and alleged graft.

He also said that Mr Najib's administration spent RM2.7 billion of Felda's funds on garnering political support during general elections. Earlier this year, Felda chose to exercise a put option to sell its stake back to Mr Sondakh for the same purchase price plus interest. Eagle High is contesting Felda's decision in arbitration, he told reporters in Parliament, Mr Azmin said.In a Facebook post on Wednesday, Mr Najib defended the purchase, saying that the investment would have been more profitable if palm oil prices were higher last year.

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Malaysia to provide RM6.23b in aid to state palm oil firm Felda[KUALA LUMPUR] Malaysia will provide state-owned palm oil plantation agency Felda with financial aid of RM6.23 billion (S$2.06 billion) following a government inquiry into the company whose losses and debt have soared over the past decade. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Malaysia to provide RM6.23b in aid to state palm oil firm Felda[KUALA LUMPUR] Malaysia will provide state-owned palm oil plantation agency Felda with financial aid of RM6.23 billion (S$2.06 billion) following a government inquiry into the company whose losses and debt have soared over the past decade. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »