FELDA - Part Two

In the first part, An Introduction, I wrote a really summarised history of Felda. I skipped quite a fair bit of details as I do not have the liberty of time to write a better piece. Nonetheless, in this Part Two, I would tempt to recall what has been said to me by friends and acquaintances.

Someone once said that Felda's reserved has dwindled to about RM1.5 billion from RM3 billion since Yusof Noor took over chairmanship from R M Alias a few years ago. I do not have any evidence to confirm or deny this statement. However, if we were to use simplified logic (maybe flawed), there are grounds to believe that this could be true. Since Yusof Noor took over, the following has been planned, of which some has been implemented:

(1) Felda sponsored Car Rally championship

(2) Felda United, the football club was formed

(3) More than RM100 million loan has been extended to Pahang state

(4) Investment of over RM300 million in a plant located in US

(5) Construction of a hotel resort worth about RM50 million

(6) Felda University has been approved but yet to be implemented

(7) Goodies handed out to settlers during the run-up to the 12th General Election

There are many other plans being put into place with some implemented. For now, let us examine each of the above and objectively determine the logic of each of them.

(1) Car Rally Championship
What has Felda got to do with a rally championship? For all intends and purposes, I do not understand the rationale for sponsoring this event. Officially excuse used is "Felda needs to establish a brand name". Establishing a brand name, yes but not through sponsorship of a rally championship! Felda is not in the business of producing auto parts and rally championship is way off its business activities!

(2) Felda United
Creating a football club to compete in the Malaysian league is a waste of time and money! Malaysian football scene is nothing more than a farce and sponsors are probably "arm-twisted" to sponsor the whole league. With very low turnout at stadiums and low viewership on television, there is simply no desired impact for sponsors. Such waste of time and resources, typical of Najib and Yusof Noor!

If the argument is to employ settlers sons to play for the club, then it would be another "bullshit" to put it mildly. Who actually gains? My guess is as good as yours!

(3) Loan to Pahang State
This piece of disturbing news came from the grapevine. According to unconfirmed sources, Felda extended more than RM100 million to Pahang State in the form of loan/advance. I do not have the details but I was told that the decision has been rectified during Felda Board of Directors meeting.

My take? Yusof Noor's tenure as Chairman of Felda depended very much on Najib. To applease Najib, Yusof Noor had to "provide support" to the ailing Pahang State coffers. It has been said that the loan/advance assisted in extending Yusof Noor's Chairmanship.

It bugs me to see a federal agency "providing support" to a state government when it is none of their business to do so!

(4) Investment in US
I was told that Najib insisted that Felda takes over a plant in US. Location? Some "ulu" place that is accessible only by train and road. Reason? I do not know but the official one given is nothing more than a crap!

The investment cost Felda more than RM300 million (of was it US$300 million). When an acquaintance mentioned this to me, my first reaction is "Shit!" Another waste of fund. Apparently now the plant is not really generating the money it was suppose to. Surprise? Not at all. In the first place, I think Felda overpaid for the investment. Second - it was purely an exercise to siphon money from Felda.

(5) Hotel cum Resort
Another scam to siphon money! If my memory serves me right, the hotel cum resort cost more than RM50 million. Location? You guess it right - Yusof Noor's home state! Rationale? Figure it out...

(6) Felda University
Yusof Noor also wants Felda to set up a university at an estimated costs of more than RM300 million. Why? Beats the hell out of me...

(7) Run-up to the 12th General Election
Prior to the 12th GE, Najib was busy handing out goodies by the dozens to settlers in and around Pekan. He learnt his lessons well. During 1999 GE (if I am not mistaken), Najib almost lost and only won on recount. The settlers actually shied away from him and refused to vote him in. Najib only won on recount then. During the 12th GE, he was not about to make the same mistake and there was a real danger that he could lose. So he made sure goodies were handed out by the dozens to settlers, just to make sure the votes goes to him. His strategy worked extremely well and he was voted with higher majority when other BN candidates won with fewer votes!

The above would suffice for now.

Part 3 would focus on Felda Group of Companies and the new management!