The economic affairs minister says the land development agency only had RM400 million in 2017.
KUALA LUMPUR: Economic Affairs Minister Mohamed Azmin Ali told the Dewan Rakyat today that the Barisan Nasional administration led by former prime minister Najib Razak diverted RM2.7 billion from Felda, meant to upgrade its plantations, to buy support for the coalition in the last general election.
“Unfortunately, RM1.4 billion from the revenue earned by Felda through the listing was spent on dubious investments involving shady transactions. Azmin said while Felda had billions of ringgit in its coffers in the past, its cash flow was now at a critical level. For the purposes of FGV’s listing, Azmin said Felda had handed over management of the farms through a land lease agreement for a period of 99 years.
But Azmin said Felda only received an average of RM400 million a year from FGV, compared to the minimum of RM800 million a year needed to manage the farms and ensure the welfare of settlers.
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