By Clara Chooi
April 11, 2012
KUALA LUMPUR, April 11 — Former finance minister Tengku Razaleigh Hamzah has warned that listing FELDA Global Ventures Holdings (FGVH) on the bourse would only expose it to market risks such as share manipulation. According to Harakah Daily today, the senior Umno leader said FELDA settlers could be left penniless if they were to be influenced by syndicates manipulating Felda's share prices.
"We fear that these settlers would be influenced by the games of these syndicates. When the share prices are low, surely many settlers interested would make big purchases and even take bank loans for it.
"They would do this with the assumption that they would reap huge profits once the share prices soar. But we must remember that the prices would not stay high forever," Razaleigh(picture) was quoted as saying today in the PAS organ.
When the prices drop, those who had invested heavily would be left in a lurch, the Kelantan prince better known as "Ku Li" was quoted as saying.
"At that point, 'mereka akan tinggal sehelai sepinggang sahaja'," he said, using the Malay term to refer to "penniless".
Ku Li added that although the government has claimed that settlers' lands would not be affected by the listing, other FELDA assets would be involved.
These, he said, includes FELDA land without settlers, oil palm factories and many other valuable assets.
"I am concerned and do not know how the government plans on keeping these share market manipulations in check, and in the end, these settlers would be the ones to lose out," he said, according to Harakah.
The government has promised an "unimaginable windfall" for settlers once FGVH goes public next month although no specific sum has been specified.
In a recent report by Bernama Online, Datuk Seri Najib Razak was quoted as saying "They will never imagine the quantum of the windfall."
Settlers last month had won a temporary court order blocking the transfer of shares from their FELDA Investment Co-operative (KPF) to FGVH, a crucial step in the plan to list the plantation firm.
But on April 2, the Kuantan High Court rejected an application to stop the listing, ruling that the injunction was "premature" as the decision for the equity disposal had not yet been made.
1 comment:
Dr.Jeffry Kitingan is a Christian Kadazan from Sabah. But is he in favor of Bersih 3.0 or not? He is either pro-Bersih 3.0 or anti-Bersih 3.0. If you are pro-Bersih 3.0, then you are not anti-Bersih 3.0. If you are anti-Bersih 3.0, then you are not pro-Bersih 3.0. I do have a lot of respect for Dr.Jeffry Kitingan, but on this important moment in history, he and other Sabahans and Sarawakians must make a clear unambiguous public stand. I think the Malaysian citizens need to know.
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The UMNO government agreed to set up a Royal Commission of Inquiry (RCI) on the large presence of illegal foreigners in Sabah and the widespread issuance of Malaysian Mykads and identification documents. But UMNO has yet to do something concrete. UMNO has to do something concrete before the General Elections(GE13). Starting the RCI work after the GE13 is a joke.
The Hindu Malaysians have the same problem. There is a UMNO minister who asked the Hindu Malaysians to have "nambikei" in UMNO. The word "nambikei" means "faith" in Tamil language. The reality is that due cronyism and favoritism, most Hindu Malaysians were sidelined. Now an UMNO Minister is asking Hindu Malaysians to put faith in him. It means that if the Hindu Malaysians vote for UMNO in GE13, then UMNO will respond by helping to uplift the Hindu Malaysians out of poverty. But faith can be given to the Almighty, not human beings because human beings do err all the time. It is dangerous to put faith in human beings because they may betray you too. What Hindu Malaysians need is equal rights and meritocracy.
At some point in time Sabahans must draw the line somewhere. Waiting for GE13 to be over before the RCI can do what they should do may not be a good idea. Any way, its up to Sabahans to decide. Should the RCI do its work before GE13 or after GE13 is the burning question. If the Sabahans continue to tolerate and have faith in UMNO, then it is their own problem. It is for Sabahans to wise up. It is for Sabahans to realize that they have been shortchanged. It is for Sabahans to decide their own future. Sabahans cannot and should not wait and wait for the RCI to do its work. I say that the RCI should do its work before GE13; and this should be the ultimatum.
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The political history of Malaysia can be divided into two chapters: that is, chapter one and chapter two. Chapter One is about UMNO rule with a 2/3 majority in Parliament. Chapter Two is about UMNO rule without a 2/3 majority in Parliament. We are now in Chapter Two. The beginning of Chapter Two is the end of Chapter One. Similarly, the end of Chapter One is the beginning of Chapter Two.
Chapter One had its social, political, and economic implications for the nation. Chapter Two has just begun and its social, political, and economic changes are something we have to wait and see.
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