Felda fiasco: Calling it simple mismanagement by top brass is too tame
COMMENT | On April 10 2019, Minister of Economic Affairs Mohamed Azmin Ali tabled the Federal Land Development Authority (Felda) white paper in parliament.
The Felda white paper is a report detailing Felda’s financial situation between 2007 and 2017, as well as new initiatives by the government to tackle the problems faced.
Revelations by the paper were horrifying. Between 2007 and 2011, Felda profited with values ranging from RM 200 million up to RM 1.1 billion. In 2012, FGV Holdings Berhad (formerly known ad Felda Global Ventures Holdings Berhad), a commercial arm of Felda was publicly listed in Bursa Malaysia Securities Berhad. The initial public offering generated RM 10.5 billion.
From that point on, Felda suffered losses each year until it reached a low of RM 4.9 billion in 2017 ...
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