Putrajaya to spend RM6.3b for Felda bailout, says White Paper
According to an Economic Affairs Ministry’s White Paper, Putrajaya will allocate RM6.3 billion to rescue Felda as the agency has critical cash-flow problems. ― Picture by Yusof Mat Isa
In its report based on Felda's audited financial statement ended December 31, 2017, the firm said the overall value of the assets fell by almost half, from RM4 billion to RM2.2 billion. “Among them, the board of directors or management failed to conduct a detailed and overall study before finalising investments. There are also several investments and purchases which were approved by the Felda board of directors and FIC which did not go through due diligence, projection studies/possibility and no detailed information/ detailed information with regards to the projects on the work paper which was tabled to the Felda and FIC board of directors.
Both Felda and FIC's management also broke laws by making several decisions on purchases without approval from the directors’ board, or in direct contradiction with the decisions made by the directors board or investment committee.
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