MALAYSIA-DROWNING IN DEBT
Malaysian money, 2012. Wikimedia Commons
The New Straits Times-Dec 4
The Federal Land and Development Authority is drowning in humongous debt. To be exact, RM8.05 billion as at end-June as reported by the New Straits Times. Set up on July 1, 1956, to eradicate poverty among the rural poor through the cultivation of oil palm and rubber, Felda has been taken down the path of abject failure by politicians and top officials trusted with managing the company. When it was listed in 2012, FGV Holdings Bhd (formerly known as Felda Global Ventures Holdings), hit RM5, but as this paper goes to the press, it is a mere 0.84 sen. Has the blood, sweat and tears of the poor settlers come to nought? We hope not.
First published in: The New Straits Times