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KUALA LUMPUR (April 10): About RM2.7 billion of the RM10.5 billion generated from the listing of FGV Holdings Bhd was used to secure political support ahead of the 14th general election, says Economic Affairs Minister Datuk Seri Mohamed Azmin Ali (pictured) today.
At the tabling of the Federal Land Authority (Felda) white paper in Parliament, he said this, coupled with 'shady transactions' worth RM1.4 billion and the purchase of Eagle High from PT Rajawali Capital International, owned by Peter Sondakh, at ridiculously inflated prices, worsened Felda's financial position significantly.
The purchase price of Eagle High was 96% higher than the prevailing market price at that time, he said.
Mohamed Azmin pointed out that the plantation, which Felda paid RM2.3 billion for, was only worth RM500 million as at March this year.— theedgemarkets.com
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