Chairman: New buyer to fully settle outstanding loan

PETALING JAYA: The new buyer of National Feedlot Corporation (NFCorp) is willing to fully settle the outstanding loan the company owes the Federal Government, says its chairman Datuk Dr Mohamad Salleh Ismail (pic).

Since Oct 25 last year, NFCorp already had a new buyer that agreed to completely settle what was owed by the company within three months from an agreement with the Federal Government to its restructuring, said Mohamad Salleh.

“NFCorp is currently awaiting approval from the government.

“NFCorp’s new buyer has already agreed to fully bear the liability of its loan and make full redemption of the loan taken from the Federal Government.

“Prime Minister Tun Dr Mahathir Mohamad has been informed in a letter dated Nov 21, 2018,” Mohamad Salleh said in a statement yesterday.

“The buyer has also informed the government of its willingness and confidence in restoring and restructuring NFCorp,” Mohamad Salleh added.

He was responding to a statement by Finance Minister Lim Guan Eng yesterday that the government was seeking full repayment of RM253.6mil in outstanding loan, interest and late payment charges from NFCorp.

He said he believed Lim’s statement came following a letter dated May 17 which was sent to the Finance Ministry from NFCorp’s new buyer about making full redemption of the loan.

Mohamad Salleh in the statement said that the new buyer and the Agriculture and Agro-based Industry Ministry already discussed and formulated plans to revive the project.

The project was initiated in 2007 to develop the local beef industry.

“I’m confident that under the leadership of Dr Mahathir, this issue will be settled in the best way possible whereby NFCorp will pay back the outstanding amount it owes the government and this project, that is full of potential, will be revived by the government and the new buyer,” Mohamad Salleh added.

Last month, Agriculture and Agro-based Industry Minister Datuk Salahuddin Ayub revealed that a company had indicated interest in taking over NFCorp.