Thursday 5 April 2012

PKR: NFC bosses now divesting properties

PKR today claimed that the owners of the National Feedlot Corporation (NFC) have sold three properties, which they alleged were bought by leveraging on a RM250 million government soft loan.

NONEAccording to PKR director of strategy Rafizi Ramli, NFC executive chairperson Mohamad Salleh Ismail and executive director Wan Shahinur Izran Salleh had sold off the properties for RM3 million to one Insun Development Sdn Bhd.

"It was sold after (Women, Family and Community Development Minister) Shahrizat Jalil announced that she will ‘resign’," he said.

(On March 11, Shahrizat announced that she would “resign” from cabinet when her senatorship expires on April 8. Her husband Mohamad Salleh was charged in court for two counts of criminal breach of trust, in relations to the NFC scandal, the very next day.)

azlanThe sale of the properties, said Rafizi, indicates that the company is "winding down" and is cashing out their assets.

Mohamad Salleh jointly runs the company with their children, Izran, Wan Shahinur Izmir and Wan Izzana Fatima Zabedah.
Rafizi added that the three shop/office lots, which were bought under Mohamad Salleh and Izran’s names, are located at Plaza Damas, Sri Hartamas.

“At the market rate, these three properties are estimated to cost RM4 million, which means that the divestments were made at a 25 percent discount.

'Sales at distressed prices'

“Before we were exposing property purchases, now it’s property sales at distressed prices,” he said.

NONEHe said assets were paid for using loans by the same bank which had extended NFC directors credit to purchase RM34 million worth of properties at the KL Eco City development project.

The directors had banked in part of the RM250 million soft loan for the National Feedlot Centre project at the bank, and had used their control over the funds to obtain loans.

“They got smarter, and this is a legal way to do things. Now the line between NFC assets and personal assets have blurred,” he said.

Rafizi added that while the asset freeze only applies to assets owned by NFC, it should be extended to all personal assets bought after 2007, too, as a means of “personal guarantee”.

“The focus now should be on how to recover the RM250 million soft loan, and these assets could have been used for that,” he said at the Parliament lobby.

Rafizi also called on the government to extend the asset freeze on NFC to include any offshore transfers of funds by the owners or company.
Malaysiakini has contacted Izran and Insun Development and is awaiting a reply.

PKR previously exposed that NFC’s associate companies and its owners have purchased up to RM73 million ringgit worth of properties in Malaysia and Singapore.

Mohamad Salleh was last month charged with two counts of criminal breach of trust and two counts of violating the Companies Act, involving NFC funds amounting to about RM50 million.

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