KUALA LUMPUR: Malaysia’s largest state-controlled plantation company Felda, a scandal-stained but unique business entity with strong political pedigree and lucrative business assets, is attracting powerful suitors, presenting Prime Minister Anwar Ibrahim with a policy challenge over his proposed reform of
UMNO’s objective is purely political. Government sources noted that party president Ahmad Zahid Hamidi - one of the two deputy prime ministers in Mr Anwar’s government - has been lobbying the premier to have Felda placed under the supervision of his Rural and Regional Development ministerial portfolio.
Government sources noted that Mr Syed Mokhtar had recently submitted a proposal to acquire Felda’s sugar refining business but the plan was rejected by PM Anwar’s government, underscoring the constant threat the plantation GLC faces from corporate predators eying its lucrative assets. In February last year, Isa Samad, a powerful UMNO warlord and former chairman of Felda, was convicted on nine charges of corruption at the plantation corporation.
The experiment also carried a serious political dimension. Settlers were generally beholden to UMNO and the 54 parliamentary seats that were largely made up of Felda schemes scattered largely around Peninsular Malaysia went to the ruling party and the National Front coalition. By several estimates, the Felda listing raised over MYR10 billion , with each Felda family receiving a financial bonanza of MYR15,000 and shares in the listed entity called FGV Holdings Bhd.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Foxconn signs $194 million components plant deal with India's Tamil Nadu stateCHENNAI :Taiwan's Foxconn has signed an agreement with India's Tamil Nadu to invest 16 billion rupees ($194 million) in a new electronic components manufacturing facility that will create 6,000 jobs, the government of the southern state said on Monday.The facility will be for Foxconn Industrial Internet (FII)
Read more »
Foxconn unit to sign $194 million components plant deal with India's Tamil Nadu-sourceCHENNAI : A Foxconn unit will on Monday sign an agreement with India's Tamil Nadu state to build a new facility for electronic components that will create 6,000 new jobs, a senior state government source with direct knowledge said.The subsidiary, Foxconn Industrial Internet (FII), plans to invest 16 billi
Read more »
California pot plant hires smuggled people, forced to work in deplorable conditionsAuthorities discovered dozens of individuals who had allegedly been smuggled into the country and living in terrible conditions at an illicit marijuana farm in California's Central Valley.
Read more »
As non-resident ambassador to Morocco, I was appointed by state, not Government: George GohHe stressed that there are three presidential hopefuls, amid online chatter that it is a two-horse race for president. Read more at straitstimes.com.
Read more »
Indian state imposes new ‘welfare tax’ under landmark law to help gig workersUnder the first such law in India, the tax in Rajasthan will be used to fund welfare schemes. Read more at straitstimes.com.
Read more »
China's State Council issues measures to expand consumptionBEIJING: China's State Council on Monday (Jul 31) issued measures to restore and expand consumption in the automobile, real estate and services sector, aiming to give full play to the 'fundamental role' of consumption in economic development. The State Council said in a document the government will improve
Read more »