Posted on by Kit

It’s our money

R. Nadeswaran
The Sun
12 February 2012

HAVING followed the issue of the National Feedlot Corporation (NFCorp) from afar and having had access to both sides of the divide in the past, it makes an interesting change to look at it up close from a local perspective and feel the pulse of the ordinary citizen.

Even if resolved, this issue is not going to go away and die a natural death as it involves people’s money. It has been argued that it is a misuse of public funds and that every sen must be accounted for and spent prudently. But NFCorp CEO Wan Shahinur Izmir Salleh does not think so and came out with guns blazing last week claiming otherwise.

Short of saying that “it is our money, we can do what we want with it”, he declared: “On the note of investing in short-term investments, NFC retains the prerogative to invest the funds in the best interests of the company.”

Wan Shahinur charged: “The idea of NFCorp’s loan money being equated to public funds by hardline critics is a political play intended to deceive the public.”

This writer is not a politician and believes in honesty and integrity. Neither am I a hardline critic but an ardent campaigner for transparency and accountability and practise them to the hilt. However one looks at it, ultimately, it is the people’s money – hard-earned money from taxpayers who keep the administration and business machinery ticking, working hard, sometimes at odd hours and under adverse conditions.

It would be foolhardy to draw a line between “government money” and “people’s money”. Whatever money the government gives out in loans, subsidies or outright gifts, comes from the people. Let us agree on that.
In a statement issued by his public relations agency, Wan Shahinur unwittingly let the cat out of the bag. He said: “The loan agreement does not stipulate any express prohibitions on investments.”

So this begs the question as to why no conditions or restrictions were placed by the government. Surely RM250 million is not someone’s weekend rojak money or loose change after a day’s shopping. Do loans from the government come with a carte blanche on spending?

But reading and re-reading Wan Shahinur’s 600-word repartee to critics, one can only ask: “Even if there are no covenants to the loan, would it be morally right to use the money for personal investment rather than the company’s?”

From what has been reported in the media, the luxury condominiums are either in his name or in the name of his siblings. If it was an “investment” of the company, shouldn’t the properties have been bought and retained in the name of NFCorp?

So, is Wan Shahinur telling us that he and his siblings were given loans from “that” loan from the government to buy property? Are we to assume that the M & A of NFCorp allows for loans to be given to directors and shareholders? Are we to assume that a resolution to this effect was made before the purchase of the condominium units?

Even if all the legal requirements had been met, the morality of the whole case comes into question. If people’s money is advanced as a loan to help the country’s dependence on imports, would it be ethically right to use that money for something else?

On Jan 17, I wrote: “This problem will not go away with terse and selective statements. There’s a Tamil proverb which says that you cannot hide a whole pumpkin in a plate of rice, which is exactly what NFCorp is trying to do.

“Once and for all, put all the cards on the table, come clean and put up your hands if you have done wrong. Only then will the whole nation believe anything that comes from NFC itself or through consultants and counsellors.”

This position has not changed – neither mine nor that of journalistic colleagues or millions of ordinary people. If there’s nothing to hide, why don’t you face the media instead of hiding behind releases full of jargon which explain nothing or perhaps, little at the most?

R. Nadeswaran takes over from where he left off with a timely reminder that government money is the people’s money. He can be reached at: [email protected]

45 Replies to “It’s our money”

  2. In a statement issued by his public relations agency, Wan Shahinur unwittingly let the cat out of the bag. He said: “The loan agreement does not stipulate any express prohibitions on investments.”
    That is argument from silence. The question is: Did the loan agreement stipulate that the loan is for cattle rearing and related matters? If it did, then one has no right, morally or legally, to use the loan for any other purposes.

  3. Look here you wan fool whatever. The Feed (Sharizat) Lot proposal went into (then) mooo’s ministry first. And the proposal was later approved by the cabinet. And and dont forget this. The money was disbursed by the gobermen of malaysia. Yeah, sure. That Feed (Sharizat) Lot company is privately owned. But ownership of the company is one thing. Trust is another. You see the company was entrusted with public money. And so the company, though a private enterprise, must handle those public funds responsibly and carefully; and for the purpose it was disbursed. So using the money for personal benefit or gain would tantamount to abuse and breach of trust, clear and simple. Using the money for other purposes would also put the Feed (Sharizat) Lot company in breach of that trust unless the company has got cabinet’s prior approval.

    Biw look wan stupid. Go to a public library. Any public library. And then borrow a book. Tell me. When the librarian hands the book over to you, tell me whether the book would by that act of handing over turn into a piece of private property? Huh? Stupid. Tada otak! Your argument is actually a clear reflection of umnoputras’ mentality. Everything in the country belongs to them. They see, they take. Ambil saja.

    “ABU”

  4. The boy (he really is) is 28 yr. He get paid 35K/mth and does not know basic financial fiduciary responsibilities? On top of that he gives excuses like a child. Even if he was my son, I would not hire him for any of my company..Simply unqualified..

  5. R Nadeswaran, I understand that you are now working in
    England.
    But the fact is, and remains, that you are needed here, in good
    old rotten Malaysia!
    The Englanders have enough of their own activists to take very
    good care of them.
    We don’t!
    So, why don’t you just drop everything and come back here
    post haste where your service is needed more and appreciated.

  7. Wan Shahinur aka Anak Cowgal— Here are some lessons about money you need to know. Suppose you borrow money to purchase a house. The money is not yours, because once you default on your instalment payment, the house will be auctioned off and the money recovered by the bank. Get that, you puppy?

  8. These people are not not only corrupted to the core they are morally corrupted as well.
    They are arrogance and shameless to claim that they can use the soft loan for the specific project what ever way they wish.

    They have lost their mind and morally deficient despite having achieve what a doctorate

    While the BN is talking using EPF money to fund the housing loan for the poor, yet we have people who use our money to invest? This must be a joke if they can justify

  10. Actually the less NF Corp’s officers talk the better because every time they do so – such is the measure o their depth and width of wisdom- it compounds their’s and their political patron’s problems and makes the scandal that much harder by what they said to go away! How could CEO Wan Shahinur Izmir Salleh say “it is our money, we can do what we want with it”, and that NFC retains the prerogative to invest the funds in the best interests of the company??? This a govt soft loan lah taken from public coffers at preferential rate of 2%, with easy repayment & servicing terms which are likely not to even commence for so long one does not drawn down the whole RM250 million loan (just leave RM1-00 undrawn) intended for national project of improving Malaysia’s beef supply to self sufficiency level – not for NF Corp’s financial prosperity by high yield property and other investments. To admit that “the loan agreement does not stipulate any express prohibitions on investments” is to implicate their patron the govt /treasury or someone in authority there to approve a mega loan funded from public funds for their carte blanche use which in turns pushes the wrong doing unto the govt patron and forces the govt or person in charge to either take the rap/heat or otherwise push the rap back to NF Corp’s officers with all the govt’s powers at disposal.

  12. Sorry for deviating from topic. YB you should look into the unholy haste by which Malaysian authorities deport journalist /blogger Hamza Kashgari facing death penalty. Though we have mutual extradiction arrangements with Saudis it does not explain (if Kashgari’s lawyers were to be believed) why authorities here cannot hold on to him a bit longer when they jolly well know and had been served notice that Kashgari’s lawyer was applying for court order relating to the deportation, which as it happened the court order was indeed granted expeditiously but unfortunately not as expeditiously as the deportation a few hours earlier….This is a blow to any pretension that we respect human rights or even our own judicial system not given a chance to deliver a verdict in time. As I said, an unholy haste that requires accounting why.

  13. This is an impossible case for UMNO to handle. How can anyone – Najib, Moo, Bodohwi, KJ – acknowledge that a soft loan of RM 250 million was given to a company owned by the family of the Wanita UMNO head ? A company with ZERO experience ?

    Now they can’t even defend the case that this family has whizz kids and a long track record of good management. This family has shown – from the actions of the Chairman to pay millions to a conman, and from the words of the CEO that they could do whatever they want and their classification of condos as “short-term” investments – that they are totally incompetent. Incompetence tinged with arrogance – Malays call it bodoh sombong.

    How is UMNO going to get out of this mess ? Just have to write a script acceptable to the investigating agencies and pray that it will go away.

  15. Good news–The cowgal is going to pay back the RM350 million she owes!

    Bad news– She is going to pay back only RM350 a year for the next million years, i.e. the loan will on be settled in the year 1002012

  16. Someone needs to be made accountable for this farce…it wasn’t exposed, these thieves would be jollying with rakyat’s hard earned money. Dread to think the 1 Care (get rich quick ) scheme which will also be into millions or billions and how the money is to be managed? Sigh!

  17. The indignant response of this young man, if he is representing NFC’s views can be compared to the staff of the KFC (both FCs?) viewed on Youtube who attacked a customer because he was criticised.

    Instead of admitting their error, apologised and make good their wrong, they chose to lash out in retaliation. They will find out such behaviour are not acceptable to the public.

  18. NFCorp CEO Wan Shahinur Izmir Salleh is merely displaying the ‘standard operating behaviour’ (s.o.b) of favoured cronies when they are offered / given lucrative contracts containing massive amount of gravies.

    First thing we all know these people do is to splurge the government given cheap money on themselves. Never mind tomorrow or the needs of the project which now become secondary. Enjoy now and show everyone they’ve ‘made it’. If their projects bomb-out, fail or delayed, the government is all forgiving.

    Unfortunately in this instance the favoured one and his family were caught and came under tremendous public spotlight and scrutiny. Poor bumbling kid, still wearing pampers, wet behind the nose, ears and down there.

    Why the reporters and the public haven’t really grilled the PM and the ministers involved is still a big mystery. This is a big scandal that must not be left to go away. Many issues are involved especially on governance matters.

    Why the PAC has not acted is again another mystery. Its members should demand that the PAC Chairman call a meeting to look into this scandal and if he fails to do so, the members themselves should meet without him. Surely the Chairman must accede to the requests of his members. As far as I know, he does not have veto powers, so what is keeping the PAC back?

  19. The UMNO script is now being written. Nazri has let the cat out of the bag. They will ask a gtovernment owned bank like Bank Rakyat or Agrobank to loan RM 250 million to Shahrizat’s family, and have the MoF soft loan repaid. How will Shahrizat’s family then pay back the bank loan ? Simple. At year end, they write off the loan and call it quits. Even better, Shahrizat’s family will submit a claim to the MoF for “work done” and receive compensation for termination of the concession. Remember Ekran and Bakun or Gerbang Perdana and the Crooked Bridge ?

  21. Yes, it is our money. Every 5 years we get to decide who to take care of our money. After 54 years, they have decided that it is your money but under their control, and they can do whatever they like. They will arrogantly say, “If you dont like it, vote us out. You have a chance every 5 years”.
    Well folks, this time at GE 13, let us fulfill their wish.

    We need to change the tenant at Putrajaya. GE 13 is coming. Let us all register to vote and let us vote them out. failure is not an option.

  22. It is beyond salvage this NFC carnage of the bovine type imo, and hence the need to come out guns a blazing Nades.

    Instead of appearing meek, both mother and son have upped the volume to create as much din as possible. And this intentional act of insolence only serves to attract notice that has the “hidden” faces nervy ie Muhyddin and KJ plus NS UMNO clique – no coincidence the suits in UMNO appear calm amidst the storm but all the while working toward a solution.

    Towards the last GE, sleepyhead Dollah was bombarded by journos with questions regarding “money politics”, of in fighting within the ranks, factions at odds but all with the same pursuit of grabbing their share and demanding their share of various “skim cepat kaya” from the bagman – no different today as it was then.

    His response to the entire quandry and I quote, “terpulanglah kepada rakyat” which translates as “best left for voters to decide” – signalling the abject failure of the ACA (then) and law enforcement.

    And if I were to hazard a guess, it is precisely this quote from Dollah Badawi that Sharizat is now hanging on to – no secret Nong Chik has set his eyes on Sharizat’s turf – to continue “fighting” for her political existence.

    As unsavoury her choice of words last week, all the posturing and fighting words exchanged was aimed not at public but intended for certain quarters in UMNO.

    The fight is on, Sharizat is standing her ground and threatening mayhem if she is not afforded “protection” that insulates her and family from prosecution, just like all thieving monkeys before her.

    * Point of interest – perhaps no big secret Nong Chik’s tussle to unseat Sharizat was initiated with the blessing of PM himself (pandai-pandai lah, so says Najib to NC).

  24. This perempuan mamak aka bumiputra celup is kicking up more than one problem for umno. Taking the 250m for her own use is bad, but that is not bad enough. When questioned by her enemies in umno, she decided to shut them up with this statement: “Which leader in umno has no problem.” And this created the second problem for umno. And there is a third problem. Toyo-the-indon must be kicking himself. “Dia tu celup”. “Walaupun I bumiputra baru, tapi I bukan celup. I ni boleh kira tulen.” “Perempuan celup tu buat salah tak ada apa apa hal. Tapi, saya buat salah kena penjara.” Toyo-the-indon, cronies and supporters are not going to be pleased.

  25. Najib (MD) and his managers (MCA, MIC, Gerakan, PBB, etc.) are well sweet talking. Yes, that is our money. These MD and those managers have misused company (Malaysia) money.

    They must be fired and replaced by a more competent MD and managers. They have wasted much company money. Buying a pair of binoculars at RM56000 (original is RM2k)!

    You could see clearly Najib said “You help me I help you,” then he said “RM5 million for you”; at end of this video – http://www.youtube.com/watch?v=9IRZsi7vq7c&feature=related

  26. Lim Keng Yaik said it best when he retired – UMNO-Perkasa/BN – its all about money, money, money…Principles don’t matter, ideals don’t matter including Malay Agenda, so long as money can be had. In fact, its all about money only..

  28. NFCorp CEO Wan Shahinur Izmir Salleh is merely displaying the ‘standard operating behaviour’ (s.o.b.) of favoured cronies when they are offered / given lucrative contracts containing massive amount of gravies.

  29. First thing we all know these people do is to splurge the government given cheap money on themselves. Never mind tomorrow or the needs of the project which now become secondary. Enjoy now and show everyone they’ve ‘made it’. If their projects bomb-out, fail or delayed, the government is all forgiving.

    Unfortunately in this instance the favoured one and his family were caught and came under tremendous public spotlight and scrutiny. Poor bumbling kid, still wearing pampers, wet behind the nose, ears and down there.

    Why the reporters and the public haven’t really grilled the PM and the ministers involved is still a big mystery. This is a big scandal that must not be left to go away. Many issues are involved especially on governance matters.

    Why the PAC has not acted is again another mystery. Its members should demand that the PAC Chairman call a meeting to look into this scandal and if he fails to do so, the members themselves should meet without him. Surely the Chairman must accede to the requests of his members. As far as I know, he does not have veto powers, so what is keeping the PAC back?

  33. Mana tu si celaka, cintanegara? Buat tak tahu. Bisu ke? Hoi u sudah pegi mana mati? Nah jawab soalan saya. U ni melayu (jenis umno) tulen ke jenis celup macam perempuan lembu tu? Kalau tulen dapat tak u 250million seperti perempuan celup tu? Kalau tak, waaaah tu tak adil nampaknya. Yg jenis celup dapat wang beratus ratus juta dan yg tulen dapat apa?

    Aiyah, “ABU”kan umno tu. Senang je. Jangan susah hati.

  34. Godfather :
    The UMNO script is now being written. Nazri has let the cat out of the bag. They will ask a gtovernment owned bank like Bank Rakyat or Agrobank to loan RM 250 million to Shahrizat’s family, and have the MoF soft loan repaid. How will Shahrizat’s family then pay back the bank loan ? Simple. At year end, they write off the loan and call it quits. Even better, Shahrizat’s family will submit a claim to the MoF for “work done” and receive compensation for termination of the concession. Remember Ekran and Bakun or Gerbang Perdana and the Crooked Bridge ?

    Shahrizat should be made to get a loan from a Thai bank and to sign a post dated cheque for repayment. If the cheque bounds, she goes to jail, six months at a minimum.

  35. Every single comment here is anti-agung, anti-sultan, anti-islam jenis umno, anti-gobermen, anti-melayu (actually anti umnoputras), unpatriotic, ungrateful, tainted with communism and terrorism etc etc and hence everyone here is ISA-able and may have his or her citizenship revoked.

  36. OK. I was not going to be mean but since Nazri brought up this paying back thing, decide to point out. The boy MAYBE qualifies to be KFC restaurant manager where they can beat up the customers..

  37. D COWwitch n her bull + brood also mooed: IT’S OUR $$$$$, so thickskin 1
    They mooed: WHAT rakyat’s duit? Since WHEN rakyat’s duit NOT UmnoB/BN’s PIGGY BANK
    Some1 rightfully pointed out, we now hv another NEW GENERATION of UmnoB/BN PARASITES, big n small, rakyat betul kena SUCKed HIGH n DRY

  38. What Nazri is saying is that when UMNO politician is caught pants down with corruption, it is OK, just return the money you stole and close the case lah. After all, there are many more opportunities for UMNO politician to make money. This is tip of the iceberg only what…..

  39. well, thing is she is one of the most valued asset and that is why forgive and forget. don’t care if she is involved. she is still one of the most valued asset. muslim first. malay second. or is it malay first. muslim second. see how valuable is the asset ?

  41. #21 drngsc, words to that effect had actually been spoken by one
    of our world famous ex PM!!!
    Whenever he was criticised, he would ask why the electorate
    continued electing him if they didn’t like him!!!!!
    Very good question!
    It made those who voted for him all those decades looked like
    fools, felt like fools and were fools!

  44. Well, well, well.
    This country is very fast becoming THE haven for rip-off artists!
    The government has been at it for decades.
    Now, most of the vendors who attend to us at the food stalls,
    shops, restaurants etc are also getting into the act!
    I recently had a shock when I had food at a well known food outlet.
    I was charged almost RM14 for the same food that I paid RM7 for
    the previous night!!!
    And the water which was free was now charged at RM1!!!
    When asked why, the waitress said that the price had just gone up!
    Up by 100 percent!!!
    I think that when PR is installed in Putrajaya, it will have its work
    cut out for it!
    To revert to the days of yore when people are more interested in
    earning an honest living rather than becoming rip-off artists.
    Perhaps they are following the style of their government?

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