From Cow to Condo investment

From MK
‘National Feedlot Corp loan used to buy condo unit’
MalaysiakiniMalaysiakini Thu, Nov 10, 2011

Ramping up their criticism of alleged mishandling of government funds in the public-funded National Feedlot Corporation (NFC), PKR said today that the money loaned to a sister company was used to purchase a RM9.8 million luxury condominium in Bangsar, Kuala Lumpur.

After our previous exposes on the mishandling of public funds at NFC, owned by the family of a federal minister, PKR is coming forward today with concrete proof of another mishandling, the opposition partys secretary-general Saifuddin Nasution ( left in photo ) told a press conference at Parliament House today.

The money - which the opposition party claims is part of an RM81 million loan that NFC, a company owned and operated by the husband and children of a federal minister - granted to related company National Livestock and Meats Corporation (NLMC), was used to purchase a luxurious condominium unit.

PKR further alleged that this was accomplished through four payments via bank transfer by NFC from the Taman Tun Dr Ismail branch of a local bank to a well-known property developer on Dec 2, 2009, for the purchase of one unit of a luxury condominium.

The four payments totalling RM9.8 million are separated into four money transfers; RM699,870.00, RM694,150.00, RM4,199,220.00 and RM4,164,900.00, all on the same date.

The payments to purchase the condominium were recorded as loans to NLMC from NFC. This is part of the RM81 million loaned by NFC to NLMC, said the Machang MP.

Saifuddin argued that the purchase of the condominium by NFC for a related company owned by the family members of the minister was a clear and present sign of mishandling of public funds, deviating from the actual purpose of the public-funded firms business of rearing cattle.

In their statement, PKR said the prestigious One Menerong project, located in Bangsar, boasts luxurious residential units ranging from RM3 million to RM10 million per unit.

Cows sleep in the condo?

NLMC, which was contracted by NFC as its marketing development agent and granted the sizeable loan, is also owned and operated by the same federal ministers husband and children.

They are in the business of (marketing) cattle. Are the cows going to sleep in the condo? asked Saifuddin, expressing his puzzlement.

The secretary-general posited that such questionable spending of funds appeared to be in conflict with Rembau MP Khairy Jamaluddins defence of NFCs loans and discounts to related companies.

Khairy had argued that funds for NFC are strictly monitored by a technical committee and only approved out of the special account it is kept in for operational expenditures related to the feedlot project.

Sunday Borneo Post … n-the-sun/

Sharizat’s husband used NFC money for Umrah … 46404.html

70k rental for cattle condo ? … 17403.html

Beef with opposition . From Star 20-11-11

NFC bought the two condominiums for RM6.9mil cash per unit. In return, the developer gave them a cash rebate of 10% for two years, which comes up to RM57,000 a month per unit. They rent out each unit for RM18,000, which generates an income of RM75,000 a month per unit or RM900,000 a year for each unit.

For complete article : … sec=nation

I hope those who are still supporting the current government, please kindly chew and digest this information into your tiny brain and wake up already.

Bones, thanks for sharing the info.

i think we should have a ministry under the PMO.

lets call it Divine-Holier-Than-Thou-Bovine-Condo-Rip-People-Monies ministry.

Today Star, Along the Watchtower

Agriculture and Agro-based Industries Minister Datuk Seri Noh Omar, however, told Parliament that the target of specific heads of cattle per year could not be met because not many farmers were keen on operating the satellite farms.

Perhaps so, but the question people are asking is, how many of these farmers can dream of getting access to a RM250mil loan at 2% interest?

Politics is perception. It doesnt matter what the truth is, what matters is what the voters perceive. … &sec=focus