THE Federal Land Development Authority (Felda) stands to lose RM38 million from the sale oGrand Plaza Serviced Apartments in London, said PKR vice-president Rafizi Ramli today.

He said Felda chairman Shahrir Abdul Samad’s statement falsely implied that Felda would profit from the sale of the apartment.

“The fact is, the hotel has not yet been sold and it has been on the market since July. My research shows that there has not been any buyers.

“The RM538 million purchase in 2013 does not only not suit Felda’s business portfolio, it will also incur a loss should it be sold now when Felda is not doing well and lacking funds,” said Rafizi.

The Pandan Indah MP said Shahrir’s statement was also arrogant and irresponsible and did not show that Felda understood the hardship Malaysians were going through.

“I am saying he (Shahrir) is arrogant because he made light of Felda’s financial scandal which consequences the people would have to bear.

“It (the statement) did not strike me as being remorseful at all, but instead came across as arrogant,” he told a press conference at Invoke headquarters in Kuala Lumpur today.

Rafizi was responding to Shahrir, who had compared the sale of the London hotel to the sale of a luxury car in an interview with China Press.

Shahrir denied that Felda had sold the property and shares due to weak finances. He also said the sale of the property would not hurt Felda beyond denting the ego.

Rafizi said he and his team had found out that except in the year of Felda’s purchase, the Grand Plaza Serviced Apartments had not turned a profit at all.

“FIC (Felda Investment Corporation) UK Properties Sdn Bhd’s financial statements confirm that Felda lost RM9 million in 2014 and the amount increased to RM16.7 million the following year,” Rafizi said.