Anwar: Felda planned to sell hotel at RM330mil loss
Malaysian Prime Minister Anwar Ibrahim blocked a proposed sale of a UK-based hotel by the Federal Land Development Authority (Felda) that would have resulted in a RM330 million loss. Anwar criticized the management's decision to sell assets below their purchase price while settlers face financial hardship.
Why it matters
This highlights government efforts to combat fiscal mismanagement and corruption within state-owned agencies to protect public funds.
MELAKA: The Federal Land Development Authority (Felda) had planned to sell a hotel it owned for £100mil, although the hotel had been bought for £160mil.
The planned sale of the United Kingdom hotel two months ago would have brought a loss of £60mil (RM330mil), Datuk Seri Anwar Ibrahim said.
The Prime Minister said he had refused to approve the deal and has since demanded a full report from the Felda management, explaining the decision to sell at such a low price.
He said it was unacceptable for Felda to incur such heavy losses when many settlers were still struggling with inadequate facilities and low incomes.
“Felda is under my watch and a couple of months ago, the management came to me seeking approval to sell this hotel.
“What kind of business is this? Selling an asset for less than what it was bought for.
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