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07 March 2012

NFC funds used as leverage for property purchases




PKR today unveiled bank documents that allegedly show how Datuk Seri Shahrizat Abdul Jalil’s husband and children had leveraged off NFC (National Feedlot Centre) funds to obtain personal loans for luxury properties.

PKR strategic director Rafizi Ramli also alleged that Shahrizat’s family members, who run the National Feedlot Corporation (NFCorp), had parked portions of NFC’s millions in two banks as fixed deposits.

This, he explained, was to help them obtain “credit facilities” from the said banks in order to purchase a series of high-end properties.

Among others, Rafizi confirmed that the purchases include the nearly RM10 million condominium unit at the posh Orchard Scotts Residence in Singapore, and today’s latest expose — eight shop office units at the luxurious KL Eco City development in Bangsar, near here.

The eight units, he said, have a current estimated market value of RM12 million.

Rafizi alleged that prior to 2009, Shahrizat’s family — husband Datuk Seri Mohamad Salleh and their three children — had made similar purchases for personal reasons by directly tapping into NFC funds.

“They had some consultants come in and were advised to use the money market to make these purchases,” he said.


According to documents from one bank, which Rafizi said were provided by a whistleblower, NFCorp directors made two deposits totalling RM71,486,589 (RM71,395,617 and RM90,972) under the company’s name and another deposit totalling RM1,872,254 under National Meat and Livestock Corporation Sdn Bhd, a company also owned by members of Shahrizat’s family.

Two other documents showed that her family members had obtained a credit facility worth RM197,338 under another company they purportedly own called Agroscience Industries Sdn Bhd; a RM4,391,240 loan for a property purchase; and that Mohamad was named as guarantor for another loan of RM663,743.

This, Rafizi said citing the documents, was despite the fact that Mohamad only has RM421 in savings in the account while Agroscience has RM927.

He said further checks with bank documents not revealed to the press today showed that the funds were channelled into the purchase of the eight KL Eco City units, which have a forced sale value of RM9,688,866.

“But the forced sale value only refers to the value of the property during auction and is lower than the actual market value. Based on the current market value for KL Eco City units, which is between RM1,000 to RM1,100 for each sq foot, PKR estimates the total market value for eight units at RM12 million,” said Rafizi.

The PKR leader also said according to payment records for the said loans, Shahrizat’s family members had defaulted in the months of July, August and December last year.

In view of this, he said, it is not known if their failure to service the loans would have a direct affect on NFC’s funds, which are meant to finance the cattle-raising project.

“We need to know what arrangement there is between NFCorp as the company and the directors... whether if they have trouble servicing their loans, how would this affect NFC’s funds,” he said.








  1. PKFZ RM12bill
  2. Submarine commission RM500mil.
  3. Sime Darby RM964mil.
  4. Paya Indah Westland RM88mil.
  5. Posmalaysia (transmile) RM230mil lost.
  6. Eurocopter deal RM1bil wasted?
  7. Terengganu Stadium Collapsed RM292mil.
  8. MRR2 repair cost RM70mil.
  9. Maybank Overpaid BII RM4bil.
  10. Tourism -NYY kickback RM10mil.
  11. 3 paintings bought by MAS—————– RM 1.5M.
  12. Overpayment by Sport Ministry————- RM 8.4M.
  13. London 's white elephant sports complex —- RM 70M.
  14. MATRADE repairs ————————– RM 120M.
  15. Cost of new plane used by PM————– RM 200M.
  16. InventQ irrecoverable debt —————- RM 228M.
  17. Compensation for killing crooked bridge —– RM 257M.
  18. Lost in selling Augusta ——————— RM 510M.
  19. Worth of AP given out in a year ———— RM 1.8B.
  20. Submarines (future Muzium Negara artifacts)- RM 4.1B.
  21. PSC Naval dockyard ———————— RM 6.75B.
  22. The Bank Bumiputra twin scandals in the early 1980s saw US$1 billion loss (RM3.2 billion in 2008 ringgit).
  23. The Maminco attempt to corner the world tin market in the 1980s is believed to have cost some US$500 million. (RM1.6 billion)
  24. Betting in foreign exchange futures cost Bank Negara Malaysia RM30 billion in the 1990s.
  25. Perwaja Steel resulted in losses of US$800 million (RM2.56 billion).
  26. Use of RM10 billion public funds in the Valuecap Sdn Bhd operation to shore up the stock market.
  27. Banking scandal of RM700 million losses in Bank Islam.
  28. The sale of M.V. Agusta by Proton for one Euro making a loss of €75.99 million (RM 348 million) Same as No:20?
  29. Wang Ehsan from oil royalty on Terengganu RM7.4 billion from 2004 – 2007.
  30. For the past 10 years since Philharmonic Orchestra was established, this orchestra has swallowed a total of RM500 million.Hiring a kwai-lo CEO with salary of more than RM1 M per annum!

These days, we are hearing misappropriate of public funds, corruption, court cases millions and millions of ringgit, so much so that the ordinary rakyat become so used to such denominator and take it for granted that is just another normal statistic and forget about it after the huha the next day. Just how much money is 1 million ? The folllowing computation will make you gape in surprise.
Supposing you are among the 5% of Malaysian who earn RM10,000 per month. Supposing that you keep every single sen you earned after EPF and income tax contribution. It will take you slightly more than 10 years to accumulate the RM 1 million we are talking about. And RM 1 million is just of fraction of money that fell into the corrupted polititians.

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