Sunday, January 30, 2011

Dr. Tan Kee Kwong reveals why some Felda investments do not make sense


Gist of it:
1. Before Najib took over as Minister in charge of Felda, the image of Felda was 'sederhana' (or 'modest'), never 5-star; Felda has land near Jalan Semarak with plans for a 29-storey building costing Rm220 million with tenders already called for; the PM then, Pak Lah, had even fixed date for ground breaking; 'Hidden hand'... the DPM then, Najib, called a special meeting in his Putrajaya office with Naza's Nasimuddin and Bakke, without the knowledge of Felda Chairman and Ketua Pengarah; Felda (read Najib) decided to have its HQ near KLCC, next to Singapore High Commission, which is the most expensive land in the country, at a cost of Rm662 million; upon signing S&P Agreement, Rm230 million was paid instead of the usual 10%!

2. Special relationship between Najib and Naza-TTDI: Privatization (without tender) of land next to Matrade centre: In exchange for a new Pusat Pameran (Exhibition Centre), Naza-TTDI got 65 acres of freehold commercial land next to Matrade Centre valued at Rm1.5 billion! When asked why, Minister Mustapha Mohammed said, 'because he thought of the idea first'!

3. Petronas: Dr. Tan challenged PM to reveal Petronas accounts. As a member of Public Accounts Committee, he had never ever seen the Petronas accounts. 'Don't show means plenty to hide'.
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