Newly-minted Felda chairperson Shahrir Abdul Samad has questioned how RM4.3 billion in proceeds from Felda Global Ventures’ initial public offering (IPO) had been spent.
“Felda received RM6 billion from the listing of FGV… From this amount RM1.7 billion was spent as windfall (for settlers).
“We paid RM15,000 each to the household of settlers and the remainder amounted to RM4.3 billion.
“So where has this RM4.3 billion gone to?” he was quoted as saying by Sinar Harian.
Sharir said this lingering question had caused disappointment among Felda settlers.
He noted that the auditor-general’s report had found that around RM200 million was not properly spent.
“We will try to get it back but it’s not possible to get (all) RM200 million back as it is gone.
“It was reported that all kinds of things were done that did not receive approval or abide by protocol.
“Therefore my job is to rectify Felda’s financial position,” he said.
Sharir said Felda did not lack funds but they had been misused.
He added that if the Felda management does its job right, then settlers will once again have confidence in the organisation.