YOURSAY ‘Hot on the heels of 1MDB scandal, now this involving Felda.’
 
MACC quizzes son of Felda boss on London hotel buy
        
Dont Just Talk: The purchase of the Grand Plaza Kensington for RM330 million by Felda, now renamed as Park City Hotel, is for Felda settlers to stay during their holiday/stopover flight in London.
 
Otherwise, there is no justification whatsoever to purchase the hotel in Kensington when Felda is in the plantation business.
 
Felda boss Isa Samad: the question is not on the appreciation of property, which ultimately will happen over time, but was the S&P (sale and purchase) agreement done above board or based on our ‘you help me and I help you’ system.
 
Here’s a famous phrase quoted by a former Bank Negara governor - never trust monkeys with bananas.
 
Vijay47: “How many companies can achieve that kind of return in such a short span of time?” asked Isa.
 
Not many, I admit. But as a would-be investor in London, Paris and New York, I would like to know how Isa and Felda managed to raise the value of real estate in Bayswater.
 
And while you're at it, perhaps you could also share your secrets on how you succeeded in strengthening the British pound against the ringgit. Incidentally, every currency is appreciating against the ringgit. But I digress.
 
Isa has also been quoted as saying that "the appeal is to attract guests who are looking for a luxurious yet affordable accommodation".
 
Of course, a deluxe double room for a single night costs only RM1,301 and breakfast is RM61 extra, both well within the range that Felda settlers can afford.
 
However, hair-dyeing requires substantial withdrawals from the Royal Mint.
 
Negarawan: How could a person who was investigated and found guilty of money politics and corruption in 2005 be selected to head Felda? He should be in jail.
 
Only in the Umno government can criminals thrive. We can expect nothing to come out of this MACC (Malaysian Anti-Corruption Commission) "investigation". The wealth and resources of the country are being plundered by Umno with impunity.
 
Odin: Why must there be a middleman involved? One would have thought that you only need to go through a licensed property agent.
 
Can we assume that the middleman's ‘commission' (legitimate commission + mark-up of the actual selling price) would be shared between him/her and the purchaser?
 
In this instance, the purchaser was the person in Felda who had the authority to see that the acquisition was done.
           
Firestone: 1) Did Felda overpay for the hotel and; 2) why is a son investing RM330 million of public funds when the father is chairman/CEO of the company?
 
Mushiro: Indeed, the question to ask is what the market value of the hotel was when Felda bought it. If Felda bought it at higher than market value then why? Who authorised Felda to buy the hotel?
 
Anonymous #21828131: Hot on the heels of the 1MDB scandal, now this. I want to puke already.
 
Public funds being abused till kingdom come. The government administration is on remote control. Each on his own. Very soon, the EPF (Employees Provident Fund) will be involved.
 
The Bank Negara Malaysia (BNM) governor should put her foot down. I remember when I was in the insurance industry, we had annual audits by BNM. One wrong move or wrong procedure and BNM would come down hard on us.
 
And we would be given three months to come clean. If not, we would be punished. Now with millions and billions of ringgit involved, BNM is as quiet as a church mouse. Better for it to close shop.
 
Hang Babeuf: Just like those famous Soviet-era holiday resorts on the Black Sea for hard-working Russian factory labourers.

The London hotels will make a wonderful holiday locale, and provide a marvellously refreshing experience and splendid relaxation, for all the toiling Felda workers who get a chance to use their organisation's worker-benefit and employee-participation facilities in London.
 
Thank you Tan Sri! So kind and thoughtful of you, as always.
 
Clearwater: It's not just this London hotel purchase but every single large asset acquisition since Felda Global Venture's IPO (initial public offering) that needs to be checked for any hanky panky. All those billions raised were just too tempting for scoundrels.
           
RCZ: Isa, as usual, refuses to give a straight answer. Felda was set up, is in the business, was listed, has shareholders who gave up their lands, as it was oil palm-based.
 
Malaysia is a palm oil exporter. Felda should not be and is not in the business of running and investing in hotels overseas.
 
Felda’s millions should be used to enhance the oil palm industry in Malaysia and not try to be another Cowgate where money to make Malaysia self-sufficient in beef was used to buy apartments.
 
How is this happening again and again and the culprits keep getting away with this?
 
Caripasal: Felda shares price lost more than 50 percent since its IPO, as predicted during its IPO, not that many years ago.
 
The outcome is obvious when the person in charge is the same man found guilty of money politics.
 
Now the son is called for a cup of coffee by MACC. We cannot stop ourselves saying "like father like son".


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