FGV share price has been declining since 2013

Prime Minister Tun Dr Mahathir Mohamad is known for his well-versed comebacks and witty remarks. In Dewan Rakyat yesterday, Tun M historically interrupted Pontian MP Ahmad Maslan when discussing Felda’s development.

Also, former deputy Finance Minister, Maslan was defending the previous government’s administration on the development of Felda’s land, elaborating how Felda had consistently generated profits from 2012 to 2017.

He also stated that FGV (Felda Global Ventures Holdings) earned between RM400 million and RM1.5 billion during BN’s administration, but suffered losses of RM1.04 billion after PH took over.

Right before Maslan suggested countermeasures, Tun M stood up to interject, while Maslan gives way by calling it a “historic day”.

Tun M expressed his sarcastic amazement at Maslan’s “fairy tales”, then turned the tables on him and questioned why he did not bring up the matter to “Bossku” (former PM Datuk Seri Najib Razak).

Not stopping there, Tun M labelled the previous administration as “scoundrels” who left a mess for the federal government to clean up. He then asked Maslan to show him the billions of profits made by FGV.

The whole exchange could be seen in this video.

Regardless of what Maslan debated, numbers cannot lie. According to Bursa Malaysia, the share price of FGV has been steadily decreasing since 2013.

Besides, forensic auditing by Economic Affairs Minister Datuk Seri Mohamed Azmin Ali discovered conflicting interests and governance failure in the past Felda deals.

Azmin revealed Felda’s former chairman Tan Sri Mohd Isa Abdul Samad purchased Park City Grand Plaza Kensington in London, priced at RM331 million, while the market price was only RM128 million. Not only did the purchase price exceed market rate, it was made without approval from the board.

Furthermore, Azmin notified the public that Felda’s management has lodged police reports against those who were responsible for handling the accounts.