Felda settlers owe almost RM5b in various debts
Felda settlers owe almost RM5 billion in various debts, as of December 2015, said Deputy Minister in the Prime Minister's Department Razali Ibrahim.
He said the debts include loans to purchase Felda Global Ventures (FGV) shares, funds for land, replanting, higher education, computer loans, entrepreneur incentives, as well as housing renovations.
Razali did not provide a detailed breakdown of the loans in his written parliamentary reply last Monday...
Felda settlers owe almost RM5 billion in various debts, as of December 2015, said Deputy Minister in the Prime Minister's Department Razali Ibrahim.
He said the debts include loans to purchase Felda Global Ventures (FGV) shares, funds for land, replanting, higher education, computer loans, entrepreneur incentives, as well as housing renovations.
Razali did not provide a detailed breakdown of the loans in his written parliamentary reply last Monday.
He was responding to a question from Ariff Sabri Abdul Aziz (DAP-Raub) regarding debts owed by Felda settlers to the government.
Previously Razali had said that Felda, as an entity, recorded a RM1.21 billion unrealised loss from its stake in FGV.
FGV was listed on the KLSE in 2012, raising RM10 billion in what was touted as one of the biggest IPO in the world for that year, second only to Facebook Inc.
The company made its debut at RM4.55 a share, but prices have been on a steady downtrend since.
FGV's share price hit a record low of RM1.19 in August 2015.
As of the time of writing, FGV shares were trading at RM2.09.
Bread and butter issues are a major concern for Felda settlers, with many saying they are feeling the pinch from the rising cost of living.
Pahang state exco member Shahaniza Shamsuddin had warned Umno during its annual assembly last year that it risked losing Felda votes if the government does not address the settlers' woes.


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