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10 February 2012

NFC cannot use loans for property



The Finance Ministry had told a parliamentary committee last November that there was no provision that permits the National Feedlot Corporation (NFCorp) to use its federal loan to purchase property.

A ministry official had disclosed this to the Public Accounts Committee (PAC) during a meeting convened to discuss the NFCorp issue and was “very specific” that such loans could not be used for purposes other than what had been specified, Petaling Jaya Utara MP Tony Pua revealed today.

Pua , who sits on the PAC, said the senior official had explained during the meeting on November 23, 2011 that the purpose of each drawdown must be clearly stated, and that the ministry had never received an application from NFCorp to purchase property.

“Therefore if the senior MoF official was telling the truth when testifying with the PAC, then Wan Shahinur Izmir (Salleh) must be lying through his teeth to defend the indefensible,” Pua said in a statement.

Wan Shahinur Izmir, NFCorp’s chief executive, said yesterday that the company had the right to use its RM250 million soft loan from the government as it saw fit, even to invest in property, as long as it repaid the interest.

He was responding to claims by PKR that NFCorp had purchased two luxury condominiums worth RM34 million in Singapore’s posh Marina Bay Suites.

Wan Shahinur Izmir said the company had decided that it would make better use of the money by investing in property during a break in business operations caused by the government’s decision to suspend construction of an abattoir that would have been rented to NFCorp.

Pua said PAC has yet to be presented with documents relating to NFCorp — including the loan agreement, schedule, terms and conditions of the loan drawdown and financial reports — despite specifically requesting for them at the November meeting.

“It was decided during the meeting that the next meeting shall be held at the soonest possible time in January to ensure that the PAC is able to get to the bottom of the scandal,” he said.

“It is unfortunate that no meeting has yet been called by the PAC chairman to date on this matter... We hope that the matters will not be delayed further as the rakyat deserves to know the truth, and nothing but the truth.”

NFCorp hit the headlines following last year’s Auditor-General’s Report, and has continued to hog the limelight after it was linked to federal minister Datuk Seri Shahrizat Jalil’s family.

The publicly-funded company is headed by her husband, Datuk Seri Mohamad Salleh Ismail. Their three children, including Wan Shahinur Izmir, also hold executive posts in the company.

PKR has since made several revelations relating to the scandal, including NFCorp’s purchase of two luxury condominium units in Bangsar, Kuala Lumpur, and the alleged use of project funds to pay for Shahrizat and her family’s personal expenses.

The opposition party has also alleged that Shahrizat’s family used nearly RM600,000 from NFCorp’s funds to settle their credit card bills in 2009.

But the management of NFCorp has maintained that the credit card expenses were solely for business purposes.

It has also denied allegations that funds from the RM250 million government loan were channelled into its accounts before the loan agreement was signed.

Shahrizat applied for three weeks’ leave from her duties last month after new allegations of bribery surfaced. She has since resumed her duties.

On Wednesday, she was called in for questioning by the Malaysian Anti-Corruption Commission (MACC).

Deputy Prime Minister Tan Sri Muhyiddin Yassin announced last month Putrajaya would appoint an auditor to scrutinise NFCorp’s books in light of accusations made against the company.







wow,, can i borrow some funds soft loans from the govt at 2 % rate.. is everyone entitle to it?... i dont need 250million.. i just need 2 million will do... for some business ... or only cronies can get it.. public is off limits... this is real sickening....

In Japan all involved would have resigned in shame...In China they would have been shot
In most other countries they would have been charged and taken to court
Over here they are still warming their seats and denying with the most ridiculous of reasons
and no one is held responsible after all this while...Only in Malaysia
Do you all still want this to carry on?

250 million rm loan and still need to rent a slaughter house...they brought the two condos for the slaughter. They are going for high end slaughter house.....ha ha ha ha

How would we know if they repaid the loan or not? And a 2% interest is very low. How can we get loan from bank with a 2% interest?

If you give a chinese man RM25 million, not only the feedlot project will be a great success but the chinese man will not only be super rich but expand the business to the neighbouring countries. This is how Singapore running the country like a business.

There was a lot of hu-ha when it came to RM200 book vouchers for the students being exchanged for cash money instead of books. Yet, Wan Shahinur Izmir, the NFCorp’s chief executive, had no shame to claim that there was no clause preventing them to go into real estate!

Commercial loans are granted mainly for business purposes. If you are in cow business, you spend the money on cow related investment. If you are in property business, you spend the money in proerty related investment. If you abuse the conditions set forth, the bank has the right to withdraw the loan given for specific purposes. They will not give you a loan for no reason or allow you to use it for other purposes. Any seasonal banker would know it. So Najib should ask his banker brother for advice if he has no idea what is wrong.

This constitues the abuse of funds and breach of trust and should be view seriously. A dead katak is a dead katak, so please don't say otherwise and believe that we are fools. Look in the mirror Sharizat!!!!!

Show us the transaction details of the credit card for Rm600,000 tthen we will know those expenses incurred were meant for business to generate income or not. The family of Sharizat thinks Malaysians are still living on the trees, the money given out by the government could be used by them at their whims and fancies as if it belongs to their rich grandparents. Might be they thought Sharizat was untouchable and could run down anyone who was on their path to prosperity.

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