ANAK wants Angkasa to step in to save Felda co-op

Jan 12: Fearing Koperasi Permodalan Felda will become a casualty if Felda Global Ventures Holding's planned listing is materialised, whistleblower group National Felda Settlers’ Children Association (ANAK) has urged cooperative umbrella body Malaysian National Cooperative Movement, or Angkasa, to step in.

In its memorandum to Angkasa, ANAK chairman Mazlan Aliman again pointed out that Felda chairman Isa Samad’s appointment as KPF chief was illegal and violated cooperative laws because he was not a Felda member.

He warned that failure to resolve this issue would complicate matters when KPF convenes its extraordinary general meeting on February 8.

Mazlan said following the cancellation of KPF’s EGM on January 5, there had been efforts to have prime minister Najib Razak officiate the meeting next month.

“A dirty and despicable campaign has been launched. It is believed that bribes and special allocation have been offered to delegates so that they agree with the listing,” said Mazlan.

The PAS central committee member said the EGM sought to dispose all equities owned by KPF in FGVH and 10 subsidiary companies owned by Felda Holdings to FGVH, to pave way for the listing.

KPF owned 51 percent share in Felda Holdings while its total investment in the 10 subsidiaries amounted to RM3.13 billion.

According to Mazlan (left), the listing would result in 35 percent of KPF’s equity in FGVH being transferred to a new investment company called Fund Co, established by Felda through Redeemable Preference Share.

However, Felda will have no economic control in the shares and dividends declared by Fund Co, he added.

“Why is Fund Co established? Who will run the company and what is its real motive in the context of FGVH’s listing? We hope Angkasa will monitor the situation to ensure KPF remains the best cooperative in Malaysia,” said Mazlan.