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Rafizi raises spectre of 1MDB episode in Felda losses

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The PKR vice-president says if not for government backing, Felda would have been declared bankrupt.

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PETALING JAYA: PKR vice-president Rafizi Ramli today said the losses accumulated by the Felda group of companies after the public listing of Felda Global Ventures (FGV) in 2012 is threatening to be more worrying that the 1MDB scandal, with close to RM9 billion in total losses as of two years ago.

Rafizi said based on Felda’s audited financial statements tabled in Parliament between 2013 and 2015, more than RM8.7 billion in losses was reported.

“Since FGV was listed, Felda group has seen total losses of more than RM1 billion every year between 2013 to 2015,” he said.

“I’ve been in finance for over 20 years and I have never seen a company incur RM1 billion in comprehensive losses every single year and this does not even include 2016 or 2017 yet,” he said during a live press conference via Facebook.

Rafizi said Felda first started seeing these losses in 2013 after FGV’s listing in mid-2012.

He said without government backing, any auditor would have been forced to declare bankruptcy on Felda for incurring RM1 billion in losses for the past three years.

Previously, Rafizi had claimed that Felda’s audited financial statements for the years 2015 and 2016 had not been tabled.

He was later corrected by a Twitter user who informed him that the 2015 financial statement was tabled on April 6.

“April 6 was when PAS President Hadi Awang’s private member’s bill was tabled and so they must have passed it on discreetly while that was going on,” he said, adding that he had not received any material on it.

He said the RM8.7 billion loss was not stated in the financial statements because FGV is technically not a subsidiary of the Felda group as it only had a 33% share in the company.

Rafizi then compared Felda’s performance to 1MDB, saying the troubled company had at least in its financial statements showed it had made some profit.

“If 1MDB which had made some profit could become such a huge scandal involving the whole world, can you imagine what it implicates when Felda shows consistent losses of more then RM1 billion every year?”

He said Felda’s performance would affect some 100,000 Felda settlers and their families.

“If each Felda settler has four children and those children have each four children of their own, then we are talking about easily a million people.

“I too have family in Felda,” said Rafizi.

“The effect is too scary to even consider or imagine,” he said.

Felda has RM12.6 billion in acquired debts, claims Rafizi

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