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22 February 2012

FELDA bankruptcy....KPF halts EGM after FELDA share transfer blocked



The FELDA Investment Co-operative (KPF) has cancelled tomorrow’s extraordinary general meeting following a temporary court order blocking the transfer of shares from the co-operative to FELDA Global Ventures (FGV).

“It is true that the EGM tomorrow is cancelled,” a corporate communications official from FELDA Global Group told ..

A press statement by KPF secretary Abidin Abdul Rahman also confirmed the news of the EGM cancellation.

“The cancellation is due to the Kuantan High Court order, through an interim injunction dated February 17, 2012,” said Abidin today.

Last week, a group of settlers won today a temporary court order blocking the transfer of shares from their co-operative to FELDA Global Ventures (FGV), a crucial step in Putrajaya’s plans to list the plantation firm.

Critics say the move short-changes more than 200,000 smallholders and saddle the Federal Land Development Authority (FELDA) with an annual deficit of RM1.5 billion.

The Kuantan High Court gave eight settlers an interim injunction barring from handing over its shares in FELDA Holdings to FGV, or for any discussion to be held on behalf of KPF on the matter.

Prime Minister Najib had recently said the listing of FGV, announced in Budget 2012, is expected to take place in April, instead of the middle of the year as earlier planned.

But the National FELDA Settlers’ Children’s Association (ANAK) have claimed mentri besars in the three Pakatan Rakyat (PR) states — Kedah, Selangor and Kelantan — have indicated to ANAK they will not sign the agreement, which must be agreed to by all state governments.

The government has said the move will result in a RM5.9 billion lump sum payment to settlers but ANAK has insisted it will not be in cash but shares in FGV.

FGV subsidiaries such as FELDA Iffco Sdn Bhd, FELDA Global Technologies, FELDA Global Ventures Middle East and FELDA Global Ventures Arabia are reported to have chalked up accumulated losses of around RM500 million up to last year.

The profitable FELDA Holdings has a workforce of some 19,000 employees, with a labour force of 46,795 workers at 300 estates, 70 palm oil mills, seven refineries, four kernel-crushing plants, 13 rubber factories, manufacturing plants and several logistic and bulking installations spread throughout Malaysia and several locations overseas.


The profitable FELDA Holdings? I thought Suara Keadilan reported that FELDA is bangkrupt in their June 22-29th 2010 issue?
Suppose I am looking after your property with other small properties. Very good because I am generating income for you and others. Dont forget that the preoerties are still in your names. It becomes a new ballgame if I lump all the proerties into one name to make it big. In theory it is a good idea but in practice? Sorry for you lah.. Once listed, you cannot get it back. This is because there may be buyers who do not wish to sell. So how to re distribute again?

so..Voters must Vote out BN in GE 13 to save Felda!

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