By Clara Chooi
The Malaysian Insider
Nov 17, 2011
GEMAS, Nov 17 — Dogged by claims of irregularity, the National Feedlot Corporation (NFC) finally broke its silence today to defend its purchase of multi-million luxury condominum units in Bangsar as a “good business decision”.
In a press briefing opened to selected mainstream media organisations, its chairman Datuk Seri Dr Mohamad Salleh reasoned that the investment had helped yield better returns for the NFC project compared to keeping the money in a bank.
It was also revealed then that the NFC owns two units at the upmarket condominium, as opposed to one as previously reported.
According to Berita Harian Online, however, Mohamad said the condominium units had cost over RM6 million each, instead of the RM9.8 million originally alleged by PKR.
Mohamad reportedly claimed that the money, if held in a bank, would have only yielded 2.6 per cent in annual returns. Continue reading “NFC boss says twin cattle condos are rental cash cows”