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Thursday, February 22, 2018

BOMBSHELL – FELDA CORRUPTION HITS THE ROOF: IN KICKBACKS GALORE, NAJIB & CO CAUGHT PAYING 95% PREMIUM FOR CRONY PETER SONDAKH’S TROUBLED FIRM, WHICH NOW HAS DIFFICULTY SELLING THEIR PALIM OIL

FELDA’S EAGLE NOT SO HIGH – US$500M EAGLE NOW WORTH ONLY US$155M
I received this a few days ago via email. It has since appeared in Malaysian Insight.
Felda’s Indonesian  Eagle High a bust, says oil palm watchdog
Felda acted as intermediary in acquisition of EHP. – Malaysian Insight
FELDA’S investment in Indon PT Eagle High Plantations bust
International Palm Oil Monitor (IPOM) said numerous improprieties.
  • cash flow problems
  • inflated acquisition price
  • non-compliance with laws, regulations
  • excessive borrowings
  • excessive amounts due to banks
  • tax evasion
intercompany interest free advances RM101.4m repayment not comingcontroversial purchase of EHP by Felda from Indon Peter Sondakh
Felda acquired 37% Eagle High for US$500m from Rajawali Group
extremely high premium of 95%
Eagle High’s share now measly IDR204 per share
less than half what Felda paid
Felda’s 37% now US$155.4m, < 1/3 what it paid
bailout for Peter Sondakh, Indon businessman 
Felda sitting on loss of US$300m
deal slammed by critics and experts
overpriced and due to state of affairs within EHP.
deal went through
Govt funds used to finance deal
Eagle High’s market cap < US$420m
deal worth RM2.26b in April.
EHP recording losses for past few years.
April 2017, EU regulation palm oil from sustainable sources
only import sustainable palm oil after 2020
does not bode well for Eagle High
unsustainable palm oil practices, lack of RSPO, ISPO widely documented
unlikely Eagle High’s revenues will improve in coming years
more likely to decline once EU regulation takes effect
February 20, 2018.
My comments :  They paid a 95% premium for the Eagle High shares just a couple of years ago. A 95% premium !!   Betul lah kaum ‘keparat’  kita tak tahu kira dan tak tahu niaga.
Obviously there were kickbacks. The extra 95% made a loop and went inside someone’s pocket or some whackos huge handbag.
Now the share price has dropped to less than half. The losses are now over US155 million. That is over RM600 million.
Here is the real crack – this company has problems complying with market regulations in the EU. They may  not be able to sell all their palm oil.
Felda oh Felda.
Takpelah.
Makanlah kangkung.
Ikutlah sunnah kangkung.
Kepala angkat ke langit.
Tapi kaki berpacak dalam air longkang.
– http://syedsoutsidethebox.blogspot.my/

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