PETALING JAYA: Datuk Seri Najib Razak has claimed that Felda is suffering from losses because palm oil prices have dipped below production cost, and not because of an investment in Indonesia-based PT Eagle High Plantations TBK (EHP).
Calling on the government to reveal the “put option” included in the agreement between the two parties, Najib said Felda’s interests were protected as it had an option to sell back its shares in EHP at the original purchase price on top of a 6% interest charge imposed on the Indonesian firm.
Najib said this in response to a police report lodged by Felda director-general Othman Omar yesterday, claiming that the former prime minister had allegedly cheated the firm into investing US$505mil to acquire a 37% stake in EHP.Najib said he had already anticipated the attack after the government remained mum when he demanded it to reveal the put option a couple of months ago.
Najib said the put option would allow Felda to sell back the 37% stake at the original purchase price on top of 6% annual interest charge borne by EHP. “In other words, we could get back the amount invested with additional 6% annual interest if we opted to pull out,” he said.“At the end of the day, public funds would still be protected and the government would not suffer any loss – thus proving that Pakatan Harapan is making an unfounded allegation that Felda will suffer losses for acquiring EHP,” he said.
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