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NFCorp chairman: Why sue me and my family when full loan repayment offered?

June 4, 2019

* The “cowgate” scandal is back – it ain’t over until the crooked family of Shahrizat returns RM250 million … and jailed

Mohamad Salleh Ismail is the husband of former Umno Wanita leader and former minister Tan Sri Shahrizat Abdul Jalil. — Malay Mail file pic

KUALA LUMPUR, June 3 — National Feedlot Corporation (NFCorp) chairman Mohamad Salleh Ismail wants to know why the government is suing him and his family for RM258 million in unpaid loan instalments and interest to the government, claiming that an offer to fully settle the debt was made.

Mohamad Salleh, who is the husband of former Umno Wanita leader and former minister Tan Sri Shahrizat Abdul Jalil, was responding to a news report by The Edge of a lawsuit filed by the attorney general on behalf of the government to claim the money owed.

“I question why the attorney general’s action against me and my family was taken although the issue of the full repayment of the loan to the government had already been notified seven months ago, since November 2018,” he said in a statement.

Mohamad Salleh claimed that NFCorp had initiated efforts to revive the country’s development and restructuring process, noting that several discussions have been held with Agriculture and Agro-based Industry Ministry and that such efforts were allegedly positively received.

He said a letter offering the outstanding loan’s full repayment had also been sent to Finance Minister Lim Guan Eng on May 17, but claimed NFCorp has yet to receive any reply to date.

At the same time, Mohamad Salleh promised to give “full cooperation according to the country’s legal process”.

“I also wish to state that I, just like all Malaysians, hope for this issue to be resolved where the outstanding loan with the government will be repaid in full via ‘Full Redemption’ by NFCorp in the shortest time with the government’s agreement. Furthermore, this would help in reducing the country’s financial burden as stated by the authorities,” he said.

“Whatever it is, I will fully cooperate with the government to ensure this issue is resolved in the best way. I am confident, under the leadership of YAB Tun Dr Mahathir Mohamad, this issue will achieve a resolution where NFCorp will repay the outstanding amount of the loan to the government, and the aspirations of the project that is full of potential can be fulfilled,” he added.

Business paper The Edge had reported the Attorney General’s Chambers (AGC) as having filed the lawsuit last week against Mohamad Salleh, his three children: Wan Shahinur Izran (former NFCorp CEO), Wan Shahinur Izmir and Wan Izzana Fatimah who are both the company’s former directors.

Others named in the lawsuit are the six companies under the family, namely National Meat & Livestock Corp Sdn Bhd, Real Food Co Sdn Bhd, Meatworks Corp Sdn Bhd, Agroscience Industries Sdn Bhd, Asian Bioscience Corp Sdn Bhd and Techknowlogy Imageware (M) Sdn Bhd.

The RM253.62 million sum claimed represents a RM224.77 million portion of the RM250 million loan to the firm that had been tasked with developing the local cattle industry, along with the application of 2 per cent annual interest and additional interest as a result of default.

The lawsuit is also seeking a court declaration to make the family personally liable for the repayments as well as RM118 million allegedly misappropriated from the RM250 million loan that was disbursed, along with any undeclared profit that may have arisen as a result of the alleged misappropriation.

Finance Minister Lim Guan Eng had in May hinted that the government would be suing to get full repayment of the loan which NFCorp had defaulted on.

Mohamad Salleh had then responded by saying that NFCorp had last November notified Dr Mahathir that NFCorp has an interested buyer who is willing to pay off the company’s debts in three months if the government agrees to the company’s restructuring.

Agriculture and Agro-based Industry Minister Datuk Salahuddin Ayub later confirmed talks with NFCorp’s potential buyer, but said such discussions were ongoing.

NFCorp was previously given a RM250 million federal loan for the National Feedlot Centre project that later featured in the Auditor-General’s annual report for 2010 over missed production targets, among other things.

The NFCorp cattle-rearing project was intended to reduce Malaysia’s reliance on imported beef, but NFCorp’s scandal saw Mohamad Salleh being charged in March 2012 with two counts of criminal breach of trust involving RM49.7 million of the company’s funds.

Mohamad Salleh was acquitted in November 2015 of the charges, following his lawyer’s letter of representation to the AGC.

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From → Malaysia Upclose

2 Comments
  1. Anonymous permalink

    What about the state land for the project.

  2. I also want to Borrow $1 Billion to make Malaysia Children Cow SMART…. I do nothing for 10 years..but ..leave it to earn Interest of 3% in Malaysia Bank… I use the interest earn to buy condo, all over the world….in 10 Years I have earned $300 Million….then I say Project no good have your $1 Billion money back Stupid UMNO-PAS-Harapan-Sultan-Agong Arab Malay Supremacist Government!! Why come after me now?? I already Paid back or planning give back the RTS land like Sultan Johor ….please make me the Defender of Arab Malay Munafiq ISLAM Great again!!

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