National Feedlot Corp: Govt still chasing RM250m loan
KUALA LUMPUR: The government is still pursuing the recovery of funds from National Feedlot Corporation Sdn Bhd (NFC), with the timeline dependent on ongoing legal proceedings and negotiations.
The Malaysian government is actively pursuing the recovery of a RM250 million loan from National Feedlot Corporation Sdn Bhd (NFC). This loan was given to NFC in December 2007 to establish a cattle feedlot in Gemas, Negri Sembilan. Prime Minister Datuk Seri Anwar Ibrahim, who serves as the Finance Minister, confirmed this ongoing pursuit of recovery during a written parliamentary reply.
In May 2019, the government filed a civil suit against NFC to claim the outstanding loan, which totals RM253,618,455.03. On October 13, 2023, the High Court ruled that NFC must pay the government RM33.74 million. The government also seized RM86.9 million from NFC, which was returned to the government. The court found that NFC was the beneficial owner of various properties, including land in Gemas and Putrajaya, as well as units in a residence in Bangsar.
The government has recovered the seized funds and terminated the feedlot project, with ongoing legal proceedings to forfeit remaining properties. Although the timeline for recovering the full loan remains uncertain, the government remains committed to recovering public funds and taking necessary actions to ensure collection.
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