NFC bought condos without directors' approval

The National Feedlot Corporation's (NFC) property investments were carried out without the knowledge of its board of directors, the Sunreported today.

According to daily's front page report, the three government representatives sitting on the board only found out about the luxury condominium purchases through the media.

Quoting unnamed sources "close to the investigations" into the alleged misappropriation by the company owned by the family of cabinet minister Shahrizat Abdul Jalil (left), the Sunreported that the board's approval is a statutory requirement.

"According to investigators, documents that were seized from the company showed that no resolutions were proposed or passed during board meetings. Investigations are expected to be wrapped up in the next few days," it reported.

The government 's board representatives are Alias Mohd Yassin (Agriculture Ministry), Manaf Hussein (Finance Ministry) and Negri Sembilan state secretary Mat Ali Hassan.

According to the daily, the directors were also "not updated on the drawdown of the RM250 million soft loan provided by the government".

The government-appointed director also reportedly had "no say" on the allegedly "massive sums" paid as salaries and perks to other directors, and that they were only paid RM700 a month.

"...Such emoluments and day-to-day affairs and management were left in the hands of the CEO Wan Shahinur Izmir Salleh," the daily reported, referring to the women, family and community development minister's son.

Earlier this month, Izmir claimed that the agreement for the soft loan did not bar them from making non-industry related investments.