Sunday, August 12, 2012

Gov’t told to explain casino firm's involvement in FGVH listing

The BN federal government has been told to explain a report claiming casino operator Genting Berhad being allocated 407,005,000 or 12 percent shares in Felda Global Venture Holding before selling them to government-linked agencies.

Citing a Bloomberg Peers report, chairman of FELDA whistleblower group National Felda Settlers’ Children Association (ANAK) Mazlan Aliman said Tabung Haji, Employees Provident Fund (FGVH) and Kumpulan Wang Amanah Pencen (KWAP) had taken up the FGVH shares owned by Genting between July 16 to August 9.

“Why Genting sold off its shares? Is it proxy to some leaders? Why public funds were used to purchase the disposed shares?” asked Mazlan.

Mazlan earlier exposed that Louis Dreyfus and Bonge Limited, both companied linked to Jews, had been involved in FGVH.

Earlier, it was reported that KWAP had bought a whopping 64.11 million shares in FGVH on its initial public offering (IPO) debut on June 28, amounting to about 24.5 percent of the day’s total trading volume of 262 million shares.

Based on the lowest trading price of RM5.24 for the day, the transaction would have amounted up to RM335.94 million.

With the fall in price of global palm oil, speculation is rife that public funds through public institutions were used to sustain FGVH’s share price ahead of the 13th general election.

FGVH’s share price has been on a decline since the listing, dipping to RM4.99 last week before slight recovery to close at RM5.12 yesterday after reaching a peak of RM5.50.

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