Shahrizat’s CEO son contradicts Finance ministry

(HARAKAH DAILY) – Following the latest revelations of luxury purchases by scandal-plagued National Feedlot Corporation, its chief executive officer Wan Shahinur Izmir claimed that the company had the prerogative to invest the RM250 million loan by the government in the best interest of the company.

“The loan agreement does not stipulate any expressed prohibitions on investments… Rather than just placing the money in money market instruments, it was deemed more astute business to invest in property in the short term.

“Making investment in the property sector is putting the money where it is sound, as each investment has been calculated for its secure and definite returns,” said Izmir, the son of Wanita UMNO chief Shahrizat Abdul Jalil, whose family members are the NFC’s top management.

In response, Petaling Jaya Utara member of parliament said Izmir’s claim contradicted the information received by the Public Accounts Committee from a senior officer of the Ministry of Finance during a meeting held on November 23 last year.

“The senior MoF  official was very specific in saying that the loan cannot be used for purpose other than that specified, and there was definitely no provision for the loan to be used for property ‘investment’.

“The senior MoF officer even explained that the purpose for each drawdown must be clearly stated. When further queried, the officer confirmed that the MoF who provided the RM250 million loan facility had never received an application to purchase property,” said Tony Pua.

Pua (left) said if that was the case, then Izmir could be “lying through his teeth”.

Recalling the meeting, Pua said PAC specifically asked for documents related to the scandal such as the loan agreement and conditions as well as financial reports to be presented to the committee for review and verification.

Another PAC meeting scheduled last month to discuss NFC as well as  projects related to the 1Malaysia Development Berhad had yet to be convened.

“We hope that the matters will not be delayed further as the rakyat deserves to know the truth, and nothing but the truth as soon as possible especially on these projects which have scandalised the nation,” said Pua.

NFC, tasked by the government to improve Malaysia’s meat supply, first came under scrutiny after the Auditor General reported that it had only produced 3,289 heads of cattle, or a mere 41.1 per cent of the target set in 2010. For the financial years ending December 31, 2008 and December 31, 2009, NFC incurred losses amounting RM7 million and RM11 million respectively.

This was followed by a series of shocking revelations showing how the RM250 million ‘loan’, which was controversially approved during deputy prime minister Muhyiddin Yasin’s tenure as Agriculture minister, had been spent for holiday packages, luxury properties and a Mercedez Benz, among others.