Bakke Salleh Contract Extended...?

There are whispers that Bakke Salleh's contract as Group Managing Director of FELDA Holdings Berhad (FHB) has been extended by another two years.

It is interesting to note the following:

(1) Who extended his contract?

(2) Is the extension valid?

As far as Directorship in companies are concern, the tenure as Director could only be extended by the majority shareholder(s) at an Annual General Meeting (AGM) or Extraordinary General Meeting (EGM).

If the majority shareholder(s) does/did not consent to the extension, the Director concern is  retired and be out of the Board.

The first question that come to mind is "was there an AGM or EGM?".

If there was no AGM or EGM then how was Bakke Salleh's contract extended?

Some quarters would insinuate that Rosmah extended Bakke's contract.  There are no hard evidence to point towards that direction though it would be good if it could be proven to be true.

If there was an AGM or EGM, why did KPF allow such extension?  

If KPF did object to the extension then Bakke's extension would be invalid.

If KPF did not object to the extension then KPF has failed to perform its fiduciary duty to its members.   Those responsible should be removed from KPF's Board and/or as representative in FHB's Board.

With Bakke's extension, one thing is quite certain - he would continue milking the FELDA Group of Companies and possibly FELDA, the government agency itself.

There is however a faint ray of hope if a new Chairman (to replace Yusof Noor) with high integrity and credibility is chosen to helm FELDA, the agency.  

Unfortunately, until that happens, the whole Group (companies as well as agency) would continue to be milked by unscrupulous people, Bakke included.

Many years ago, I have cautioned those with knowledge that the beginning to an end of FELDA (agency and companies) starts the moment Yusof Noor is appointed as Chairman.  

Yusof Noor is/was a politician and as (ex-)politician he has too many quarters to satisfy.  FELDA is being used to satisfy those undeserving quarters.

So far I don't think I have been wrong in my assessment...

To R M Alias and others who build FELDA over the years, your hard work and prudence is going to be a waste by politicians and unscrupulous people like Bakke Salleh.  I am sorry...!!!

FELDA's Investment In US...

Some time back, FELDA was asked to make a strategic investment in a company in the US.  The investment was supposed to be beneficial to FELDA's presence in the global market.  And the cost was RM300 million...! Or was it US$300 million...?

[NOTE: KPF was asked to take-up certain equity stake in the company but it "refused".  KPF was heavily criticised by a number of people from FELDA Holdings Berhad (including Bakke Salleh).  Ethos Consulting, too, criticised KPF for their reluctance...!]

There were reservations on this particular investment in the US by some prominent people.  The logic was not convincing, to say the least.  It has been quite some time since the investment was made.  According to some stories that have since emerged, the investment has gone sour.  Not bad yet but nevertheless sour...

What happened? What happened to the reservations voiced by R M Alias to some (key) ex-FELDA staff?  Was due diligence done?  If it was undertaken, what was the result?  Was it in favour of such investment?

There are quite a number of questions that remained unanswered.  One fact is clear - FELDA overpaid for this particular investment in the US.  

Paying for over-priced investment seems to be a culture among Malaysian government-related agencies or companies.  

Over paying is bad enough but making bad investment is worse and government-related agencies or companies seem to be making such decisions by the dozens these days...