Shahrir: Why was firm given power of attorney?

KUALA LUMPUR: Felda chairman Tan Sri Shahrir Abdul Samad wants clarification from the agency’s board of directors to explain the granting of full power of attorney (PA) to Synergy Promenade Sdn Bhd, without the matter being first brought to the board’s attention.

“Why was the decision made without the board’s approval, but was only endorsed after that, when this is a grave matter? Why was the full power of attorney given to this company? This is doubtful because the decision was made even before the board meeting,” Shahrir said.

According to records, the PA was granted on June 3, 2014, but was only reported to the board on Sept 2 that year.

“People outside Felda were unaware of what was happening in the agency. We got news on the land ownership transfer at the end of January.

“From then, we devised a plan to handle the situation as it involved several parties, including government departments and staff. The Attorney-General’s Chambers came on strongly, advising us to revoke the PA and lodge a Registrar’s caveat. We have worked towards that direction.”

He said efforts to regain the Felda-owned land, which was transferred through dubious transactions, would be the final step in putting the authority back on the right track.

He said other issues, which had derailed Felda, were being handled by the Malaysian AntiCorruption

Commission (MACC) and the court.

“It is right to say that this land issue in Semarak will be the last. In fact, this is the most complex issue. Other issues were the purchase of the Park City Grand Plaza Kensington Hotel, and the Merdeka Palace Hotel & Suites

in Kuching (Graphic on MACC probe: Page 3).

“In these cases, arrests have been made and MACC investigations conducted. This land deal, which was recently opened, will be the last issue. All these were uncovered during my first year as Felda chairman.”

Since his appointment on Jan 6, Shahrir has restructured Felda’s management and assets. He has also strengthened the financial position of the authority.

Among the measures taken were calling for the resignation of Felda Investment Corporation (FIC) board members in January and the sale of assets in London, the United Kingdom.

Two FIC assets in London and Kuching are being investigated by MACC as they were allegedly bought at a price higher than the market value.

Shahrir said previously, it was difficult for Felda to get funding from banks as they demanded high levels of collateral.

“What is important is for us to stabilise Felda’s finances.

“Following this, in June, Maybank offered Felda the sukuk issuance.

“I did not believe it at first, but this is a sign of the bank’s confidence in Felda.” Bernama