Injunction filed to stop Felda's listing

Dec 23: Four members of Koperasi Permodalan Felda Malaysia (KPF) have filed an injunction at the Temerloh High Court against the public listing of Felda Global Ventures Holdings (FGVH) on Bursa Malaysia. Rosdi Ismail, Alias Ibrahim, Abdullah Mohamad and Rakiah Sulong are also seeking injunctions to block KPF's extraordinary general meeting scheduled on January 5, as well as its decision to dispose its assets in Felda Holdings. In a press conference, counsel Mohamad Harris Abdullah said FGVH had no sufficient assets or funds to go for listing, hence Felda Holding Berhad (FHB) was forced to mortgage its 360,067 hectares of land for 99 years. “However, the land will be still developed using settlers’ money. FGVH also proposed to take over all equity belongs to KPF and 10 subsidiaries with a worth of RM3.13 billion," he said, adding that the extraordinary general meeting planned on January 5 did not adhere to KPF’s laws because four of its members had applied for an injunction. Meanwhile, Mazlan Aliman, who leads the National Felda Settlers’ Children Association (ANAK), told the same press conference that the loss-making FGVH was using Felda Plantations's property for the listing. “The revenue from Felda Plantations at present is at RM2 billion a year. How will it be if being mortaged for 99 years, when FGVH’s own performance is poor?" he asked, adding that FGVH performance would be worse under current chairman Isa Samad. Mazlan had earlier said that at present KPF, the largest cooperative in the country, had obtained RM5 billion a year with RM800 million in profit with cash in hand over RM1.1 billion. With such stellar performance, he said, KPF should remain status quo. Mazlan, who is also PAS central committee member, said he had received information about sinister agenda behind the listing plan. He stressed that as such, the government must stop the listing plan, adding that "the question of settlers receiving a windfall does not arise." On Isa’s position as KPF chairman, Mazlan said the reply by the Malaysian Cooperative Commission that Isa had not assumed the post was not acceptable. “He is already acting like one (KPF chairman) based on the appointment letter by prime minister,” he said. Besides Felda director-general Dzulkifli Abdul Wahad who had been asked to go on leave, Mazlan claimed more key people in the land development authority would be removed by Isa. “The deputy development director, who is also KPF secretary, has been transferred to Putrajaya, and today the deputy director general had been removed by Isa. Another 18 key people will face action. So, we urge Cuepacs to act immediately as Isa is doing this solely because he thinks they are not being cooperative,” he warned.