I am sorry but...

I am sorry, sad, disgusted and angry.

Why? FELDA is doomed!

Imagine an organisation that paid its debts ahead of time and then was able to build a reserve of approximately RM3 billion now has to sought to bank borrowings to do replanting...!

Whispers heard indicated that FELDA is talking to RHB Bank to take a loan of RM2 billion for replanting! This was unheard off during the good old days before Yusof Noor and Bakke Salleh!

So what has these two goons done to FELDA?

Plunder and rape it real good that it has to borrow...

Now it would be good reason to go for listing since all reserves have been siphoned out?

What bullshit (pardon for using the word!) is Najib talking about listing and need to go abroad?

The investment in US has gone BAD... Words around said that it is REAL BAD that employees there are deserting the company! How much was paid for the company? RM300 million or was it US$300 million?

It has been going abroad and it has been making money. The only thing it was not doing was succumbing to politicians whims and fancies...!!!! It was quietly doing business of making money without the interference of the likes of Yusof Noor and Bakke Salleh...

Now there are even whispers that Bakke Salleh is designated to take over from Hassan Merican (Pak Hassan) of Petronas. Previous whisper was that Bakke Salleh would take over from Rodzi in Amanah Raya. I suppose Amanah Raya is not as big a gold mine as Petronas.

After successfully raping FELDA dry, Bakke now must move to bigger pots and Petronas would be the biggest of them all. I am sorry Pak Hassan! You may still be in Petronas but only as a Non-Executive Chairman. You would cry your heart out if and when Bakke comes in to take your place... I am sorry!

If Najib wants to survive beyond his First Term as PM, then he should act quickly. Otherwise he would be in the annals of history as the FIRST Prime Minister of Malaysia and FIRST UMNO President to be the head of opposition!

FELDA Group of Companies are 51% owned by over 140,000 settlers/members of Koperasi Permodalan FELDA Berhad. Why the need for listing?

Najib, please rethink of the advises you get. Especially from the likes of Yusof Noor and Bakke Salleh.

It has been often repeated that Bakke Salleh is close to Rosmah. If that is true, would Rosmah then be the real Prime Minister of Malaysia?

I am just too disgusted, angry and sad that I am lost for words...

I am sorry for all the hard and diligent work of pre-Yusof Noor tenure as Chairman of FELDA...!!! All your hard work has gone into the trash!

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...

FELDA HOLDINGS BERHAD - The milking by Bakke Salleh

When Yusof Noor became the Chairman of FELDA, the government agency, he introduced a lot of changes.  A lot of these were in FELDA Group of Companies.  He condone interference of politician with personal agenda of draining these cash rich organisations.

Bakke Salleh was made the Group Managing Director of FELDA Holdings Berhad (FHB) not long after Yusof Noor became Chairman.  It is not proven whether he was brought in by Yusof Noor or he was parachuted in by Najib/Rosmah.  There were many insinuations pointing to many directions.

According to some, prior to joining FHB Bakke Salleh was in Bank Islam Malaysia Berhad (BIMB).  It has been reported that his stint in BIMB was not spectacular.  In fact, some even termed it as a failure...

When Bakke joined FHB, he brought in his honchos, giving them generous salaries.  Some say these ranges from RM30,000 to RM50,000 before benefits.  These salaries were easily two to three times the salary earned by the previous Group MD.  In all likelihood, Bakke's salary should be in the range of RM50,000 if his honchos were paid RM30,000...

The latest talk around town is that Bakke is rewarding himself and his honchos with 10 months' bonuses!  Of course, not directly.  It was done "above board" though the Remuneration Committee...

[Bakke appointed Ethos Consulting (directly or indirectly) to draft strategies for FELDA Group of Companies at a cost of RM1.2 million without any visible and quantifiable results.  It was whispered that the strategies were "shot" down (rejected) by the shareholders.  I am not surprise at all after browsing the RM1.2 million "strategic" folder...]

From a strictly commercial perspective, it is fine to award such high bonuses if performance has been rather spectacular...  However there is no noticeable and spectacular performance from FELDA Group of Companies... Have you noticed  anything spectacular...???

The majority shareholder of FHB, the Koperasi Permodalan Felda Berhad (KPF), should exert their rights to right the wrongs being done in FHB now...  

Being a shareholder, KPF has fiduciary duty to remove those rotten apples (including Bakke) from FHB.  If KPF fails to do that then KPF has failed their members...

[Now Bakke has one foot in Amanah Raya Berhad (ARB) and has been appointed as Chairman of its Investment Committee.  The good works of Ahmad Rodzi Pawanteh would be wasted...  I am sorry Rodzi, you efforts would come to a nought and you don't even have a say in it...]