- On twitter, there is continuous spat on the issue of the NFC between our YB KJ and YB Wannabe RR. I watched, read on occasionally threw challenges and vital key points both gentleman based on information that I have which was shared with me by friends within MOA. In Dec 2009, I wrote among others in a post under the heading, “Where’s the beef“; “Could it be that the Beef Valley project is just a front? A friendly party has been given RM250 mill dirt-cheap loan without collaterals. For the company, they don’t have to make money from cattle business. They just need to spend 10% of the amount to show that some cattle business is taking place. The balance could be invested elsewhere. How would you have invested it?”
- I had to write in the form of a question because I wanted to be risk averse and also raise the matter. Back then I had a lot of evidence about the whole project and how the monies were spent. I am glad someone highlight about the condo purchase. During the twitter sparing between KJ and RR, I gave them 2 other hints. The first is that the condo was not the only property bought and the second I asked them to study how RM181 mill was spent. Both have been silent since then. Hopefully they will spar again on Monday.
- Over the weekend, a reader that I met at an engagement function told me that he was upset that I had defended Shahrizat in my previous writing and he felt like throwing his computer on the floor. I don’t blame him as he had the wrong impression like many other commentators on my blog with regards to the issue. My contention is simple. First the business legally is not related to Shahrizat and second if the loan has been disbursed and terms of disbursement has been met than it is entirely up to company to spend in anyway they like it. In the end I expect them to pay back the whole sum with interest
- The weakness in this whole affair lies with the government machinery that had poor foresight on agreeing to the proposal. The next weakness would be related to terms of disbursement and terms related to recovery as well as terms of repayment if objectives of the MOA are not met (28% self -sufficiency level for beef production by 2010).
- I have been given the privilege to sight these terms and I can say that I am awed with what I read. Clearly what is wrong is here is the way the government does things. It is not far off from many other projects the government does in this country. It is simply embarrassing. Heads must roll and the responsible party must be made accountable. My question to MOA Inc is “Where’s the beef” and I hope KJ and RR will analyze on how RM181 mill has been spent.
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Dr. Rafick, imagine Pakatan is ruling Selangor and Sharizat is the pakatan’s Exco and her family gets the land and the grant to run the NFC. This scandal would be blamed on her because sh’s an Exco and blah, blah blah. What would be the reaction of TV.3, Utusan and all major news media and the MACC would definetely be working ‘overtime’ in Selangor. Please stop behaving like Forest Gum. Otherwise you better take off your heading from your blog.
I am not TV3 and certainly we all know tha TV3 is political channel. What I say here would be the same whether Shahrizat is in PR or in BN. I have written many articles about this since Dec 2009 (way before RR/PKR publicize it) and I believe I am consistent on who is to be blame. In this case it is the MOA Inc people. Unless there is an evidence (which no way one can find) that link shahrizat in the decision making to give NFC the loan, there is nothing we can do about other than speculating. Honestly speaking I believe she must have played a role somewhere along the line but as i said I will dwell into it unless i have the evidence.
Abdullah,
Bro, don’t blame Doc,…..if you had read his comments from day one till know.., you would have captured his form.
Anyway…we just have to admit we have asses running our country ever since we had the mamak.
We gain ten sen but we lose a dollar.( ringgit )….yet we claim we are so call progressing ….ultra stupidity on our part as the rakyaat.
Not to late yet…, better late…if we can still turn the tables around.
Where is the Beef ?
Sudah telan kenyang-kenyang lah….
The beef was all in paper form, you get the picture…., or you need photos.
[...]
The project is managed by Shahrizat’s daughter and the meat from the farm is supplied to three luxury restaurants owned by the minister’s family members.
PKR claimed that the project was a failure as it was meant to produce at least 60,000 cattle a year at a farm in Gemas. However, only 8,016 cattle were produced in three years.[...] – freemalaysiatoday.com
RM250.0m disbursed to the family’s company to manage and and the escrow account unkempt does not justify she doesn’t deserve to be heavily criticised. If it’s the gomen’s weakness then as a minister then she should set things right. Plainly the family is complicit.
And why supply to 3 lux outfits owned by the family? Why couldn’t they borrow from the banks and invest in the bizness herself? When have the banks refused cronies? If the banks are involved and if they pracise governance for their money is at risk, shouldn’t this have been the right way it should have gone? And in the process grow competency?
In the first place, Shahrizat should have been the one to spit this out, plus that Oxford hare brained KJ. And who needs the gomen for financing? which of course spares funds for wider coverage for public used.
This is one, there countless others, instance where the incompetence and bad integrity have added to the economic demise of Malaysia. Then forever, prices will rise and assets misallocated!
There have been “rumors” that this was meant to tie up with halal-hubba, Taib Mahmud and even KJ and associates, a remnant of the previous regime. Otherwise, KJ didn’t go to Oxford but got lost in some Oxbow lake!
NFC – you have been checkmated and why remain in denial.
Abang AK,
Bukan checkmate lagi……, tunggu kena kapan.
Would anyone believe the government able to fully recover RM250 mill dirt-cheap loan??? I think the government can consider at least 50% write off!!!
Doctor, see the Selangor Government is doing something – taking over Talam which belongs to Chan Ah Chai and related to many housing projects. See No loss occurred over Talam takeover. Maybe what they are doing will eventually reach many abandoned housing projects including Ukay Bistari?
Dear Ablog
I will write something about this after MB explanation at State Assembly on Monday. Correction
(1) SSG did not take over Talam
(2) They centralized RM391 debt that Talam has with many other state GLC under MBI
(3) They recovered RM50 mill and the rest of the loan is contra with land that is owned by Talam. Initial remarks by MB that land was acquired at RM5 psf. I am hoping to read more information
(4) It has nothing to do with housing development or recovery of monies related to project of housing
Maybe this is the beginning of a longer process?
Ablog
Nothing new has been rehash by the SSG over the Talam debt game plan. Based on what is written today, MBI got RM50 mill cash and land (several plots of thousand of acres). The land was transacted at about RM5. I am not sure if the price is fair considering the location and land size. I suspect some of the land taken back by state was because premium not paid. I believe if MB Inc can produce its financial statement that we can see clearly how much land bank and money they has.