When the cow dung hits the fan

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YOURSAY 'I am a director of a property investment company, but I cannot use the money from the company to invest in the stock market.'

NFC: Loan deal doesn't bar property investments

your say Lim Chong Leong: The more they try to explain, the more crap we are fed with. When A and B make an agreement to rob C, the terms of that agreement does not bind and is no concern of C.

Of course, there will be nothing in the loan agreement to stop them from showering themselves with luxury items because that was the intention in the first place.

It is an admitted fact the loan was disbursed and only after that the project was halted for a viability study. How does that make financial sense?

I would have thought that a viability study should precede the loan agreement, and that the whole business plan - including the viability study - be presented when applying for the loan.

Crap is crap no matter how much you disguise it, and NFC (National Feedlot Corporation) is indeed full of it.

HYL: I agree that a company is not prohibited to make any investments that will profit the company. But the deal here is the properties bought is not in the company's name but in the directors' name.

Under the Companies Act, a director of the company is prohibited to use the company's money for his own gain or use. This is a breach of trust to its shareholders.

Don't try to fool us with your arguments. The public today is not the public of our father's generation. We are an educated lot and we do know one or two things about the law.

Armageddon: The RM250 million was meant for cow rearing and to supply meat to the domestic market to reduce our dependence on beef imports.

I suppose NFC was fortunate that the culprit who approved the soft loan did not impose any condition on what the loan can be used for.

But it is a rather strange deal and beat the original intention of the soft loan. So, before we find more ‘improper' purchases, can the NFC CEO Wan Shahinur Izmir Salleh voluntarily list out what else has the loan being spent on, other than the cow-related purchases.

Since it is not against the loan condition, the CEO should have no problem letting the public know. Are the three Mecca trips by your mother part of the expenditure?

Blind Freddo: This is the third time Izmir has made a public statement on the NFC scandal and the third time he has made an absolute fool of himself.

When are you going to learn to keep your mouth shut? Mummy and daddy have learnt, why not you?

Holden: The more you talk, the worse you sound. The most dignified thing you can do for yourself, your family and your mother's party is to stop babbling.

Return the money belonging to the country, get an education, find an honest job, earn your keep and pay your taxes.

Onyourtoes: How ridiculous can they get? That is why we shall never forgive this family and all those involved. What is the definition of soft loan? Why do you think the government is giving you soft loan?

Soft loan, by definition and implication, is a loan given to finance certain project that has national interest and has strategic importance to the country (although I doubted very much how high-end beef is of national interest).

If the soft loan can be used for luxurious condo investment, then those in the Treasury and the Ministry of Agriculture should have their heads re-examined.

If that is the case, why can't ordinary citizens get loans from the Treasury to buy their home? You are asking EPF (Employees Provident Fund) to finance low-cost flat at 5.5%, didn't you?

The more I read about this case, the more I feel that those who were responsible for loan disbursement should be investigated and charged for gross negligence, irresponsibility and stupidity.

Even banks will not allow you to draw down loan unless when the fund is needed.

Justice Pao: Why does the government release the money for the loan when the viability study has not been done and the project temporarily halted? It is like putting the cart before the horse.

When I refinance my house under the 'flexi-loan' system, I do not pay interest rate for any money I do not use from my loan.

I am a director of a property investment company, but I cannot use the money from the company to invest in the stock market just because the stock market could now be giving me better returns.

Shanandoah: A royal commission of inquiry must be set up to go into details of how this cow business came about. Shahrizat Abdul Jalil's family is not the only ones to be held responisble for this fiasco.

Father, mother, brothers and sister are all involved together with the civil servants and ministers. There is deafening silence from all of them except one idiot trying to justify the spending. An RCI is absolutely necessary to dig into this mess.

P Dev Anand Pillai: The shit has hit the fan, so the best thing to do will be to resign and go. The whole family is in it.

The people are fed up, the response will be by way of the ballot box. Even if the elections are held next March, we will not forget.

Smallbigblob: I fished an eel once, a very slimy one. I was amazed that it kept on twisting and turning until my line was so tangled up.

And I stopped the eel from further twisting by chopping its head off.

 


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