Should Putrajaya liquidate NFCorp assets to recover RM250 million?

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Putrajaya Should Consider Liquidating NFCorp Assets to Recover Federal Loan

A Member of Parliament has proposed that Putrajaya should sell off assets owned by the National Feedlot Corporation Sdn Bhd (NFCorp), including high-end condominiums and luxury vehicles, as a means to recover the remaining portion of a RM250 million federal loan. This suggestion is presented as the sole method to ensure accountability from the company, which is managed by the family of former minister Datuk Seri Shahrizat Abdul Jalil. The proposal also includes identifying local entities to take over the National Feedlot Centre (NFC) project.
Proposal to Liquidate NFCorp Assets

PKR MP Zuraida Kamaruddin advocated for the liquidation of NFCorp's assets, citing high-end condominiums and luxury cars, to recoup the RM250 million federal loan. She stated that such a move is the only viable approach to hold the company, operated by the family of former minister Datuk Seri Shahrizat Abdul Jalil, accountable for its financial management. Kamaruddin specifically urged Prime Minister Najib Razak to proceed with the liquidation to ensure the family is held responsible for alleged mismanagement of funds.
Status of Loan Recovery and Asset Seizure

As of September 30, 2013, NFCorp records indicated no outstanding payments, according to the Accountant General’s Department of Malaysia. However, in July, the government had reportedly recovered RM79.9 million of the RM250 million loan. In addition to this recovered amount, the government had also seized NFCorp assets valued at RM23.3 million. These seized assets include two parcels of land located in Putrajaya, two real estate units within the Menerung Township Villa, and three plots of land situated in Gemas.
Challenges in Reviving the NFC Project

Efforts to revive the National Feedlot Centre (NFC) project have encountered significant obstacles. The Finance Ministry disclosed that negotiations with Kirimitonas Agro Sdn Bhd (KASB), a company intended to take over the project, have been unsuccessful and have fallen through. KASB was a joint venture involving a local investor and a Japanese meat-producing firm. Zuraida Kamaruddin suggested that the government should instead focus on identifying suitable local companies for the project's continuation.
Legal Proceedings Against NFCorp Executive Chairman

Legal action is also underway concerning the management of NFCorp. The Kuala Lumpur Sessions Court has scheduled November 22 to deliver a decision on an application filed by Datuk Seri Dr Mohamad Salleh Ismail, the executive chairman of NFCorp and husband of Datuk Seri Shahrizat Abdul Jalil. His application seeks to dismiss two charges of criminal breach of trust, which involve allegations amounting to RM49.7 million.

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Should Putrajaya liquidate NFCorp assets to recover RM250 million?

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