Anwar says Felda task force has begun work
BANGI: A special task force investigating issues involving the Federal Land Development Authority (Felda) has begun its work, with its findings expected to be announced once the investigations are completed, Prime Minister Datuk Seri Anwar Ibrahim said today.
Prime Minister Anwar Ibrahim has penned a letter to Indonesian President Prabowo Subianto, seeking assistance in investigating Felda's RM2.3 billion investment in Eagle High Plantations TPK (EHP), as reported by Bernama. Anwar highlighted the case as a cautionary tale of a failed billion-dollar investment, noting that an arbitration award in Felda's favor remains pending in Indonesian courts.
He stated that if the issue is not addressed promptly, the country could lose RM2.5 billion, recovering only a paltry RM200 million. Speaking at a Felda event, Anwar emphasized the importance of handling this matter carefully. EHP, a significant palm oil company in Indonesia, is part of the Rajawali Group, owned by billionaire Peter Sondakh.
Felda acquired a 37% stake in EHP for around RM2.3 billion in December 2016 during the tenure of then-Prime Minister Najib Razak. Najib supported the investment, claiming a "put option" allowed Felda to sell back its shares to EHP at the original price, plus a 6% annual interest charge. However, in June 2024, the Singapore International Arbitration Centre ordered Rajawali's entities to comply with the put option and repurchase the shares at the agreed-upon price.
Despite this, Rajawali contested the award in Indonesian courts, resulting in a restraining order blocking Felda from enforcing the decision.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Don’t make govt action on TH a racial, religious issue, says Anwar freemalaysiatoday.com
