Condominium and Mercedes for cows. Available in Malaysia only! Order now!
These cash cows and the government have a lot of explaining to do. Firstly, how in hell can the government give grants and cheap loans to a family-run private enterprise, charging interest much lower than what the government paying for its short and long-term bonds.
Government bond's coupon rates:
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The then Prime Minister Abdullah Badawi under whose watch this ignominious anomaly occurred should be hauled up to explain to the Malaysian taxpayers why he thinks the Shahrizat family deserved such special treatment. The government could have run the project under its own GLC to bring cheaper meat to the people as part of its social obligations.The interest rate of 2% charged to the private company is cheaper than prevailing FD rates and the government coupon's rates.
The big question is do you need MYR250 million to run a feedlot farm of the size run by the Shahrizat's family and how was it that the company was allowed to drawdown on the loan when the project was not even ready to start? Why was there no due diligence dictated to the borrower before he was allowed to draw down on the loans?
The Chairman of NFC (National Feedlot Corporation) Dr Mohamad Salleh's explanation that the purchase of 2 units luxury condominium was giving better return than leaving the money in the bank is an insult to the intelligence of level-headed Malaysians. In the first place, what was the business objective, cows or condominiums? Were the properties rented out and what was the return on investment or was the property occupied by Shahrizat's family and whether any rent paid to the company? These are questions left unanswered.
UMNO treating the matter lightly is going to come back and haunt them during the elections.
The aegis of former Prime Minister Abdullah Badawi, Deputy Prime Minister Muhyiddin Yassin, UMNO Youth chief Khairy Jamaluddin coming to the defence of Shahrizat and her family on this shameful affair of treating the people's money as their own is contemptuous and scandalous.
Shahrizat, cannot distance herself from the scandal as it involved her husband and children and she a minister in the cabinet and a big part of the government.
Shahrizat, should take a leaf out of the books of disgraced politicians in the West, should have resigned voluntarily and save Najib the embarrassment.
Keeping her in government would be untenanble and a poisoned chalice to UMNO.
Najib should drop her from re-election.