News by M

The current lack of funding should be viewed as an opportunity to find alternatives, says the NGO.

"We will take action so that he will be reminded that no one is protected from regulations in the Parliament," Mahathir said.

"Felda's board of directors have decided not to allow any further extension to Rajawali... which is why [Rajawali] decided to file the arbitration."

The financially-stressed agency intends to revisit the terms of the LLA for a fairer deal.

The initiatives include:

• introducing a new model for managing settlers' lands
• developing skilled and innovative settlers and lessening their dependency on planting oil palm
• introducing a new flexible aid scheme
• abolishing interest rates on the cost of living loan and harvest advances taken by settlers, and
• completing the construction of homes for second-generation Felda settlers.

Under the put option, if Felda wants to resell the stake, Rajawali has to buy back the shares along with an interest payment of 6% per annum.

The final decision, however, will be made by the Economic Planning Unit (EPU) of the Prime Minister's Department,Defence Minister Mohamad Sabu added, assuring there are no elements of ‘hanky-panky’ involved in the sale.

The purchase price of Eagle High was 96% higher than the prevailing market price at that time, he said.

The report also noted the purchase of Kensington Plaza in London, initiated by ex-chairman Tan Sri Isa Samad without Felda board approval, at RM331 million whereas market price was only RM128 million at the time. 

The minister initiated “new laws allowing owners of apartments with flammable cladding to pay off loans to repair them on their council rates”.