KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) made a visit to the Federal Land Development Authority (Felda) on Tuesday to provide a review report on the shelved fish farming.Felda said on Thursday the MACC's visit was to review the “project caviartive” as part of the anti-graft agency's efforts to help government agencies to heighten governance and management standards.“Many of the suggestions made especially in the areas of policy, investment procedures and risk management had already been acted upon following the appointment of Felda’s new board since end of July 2018,” it said in a statement on Thursday.Felda said prior to this, it had had already established its integrity unit.“Felda is thankful to MACC for their diligent findings, as all these contribute to enabling greater professionalism and higher standards of integrity within the organisation,” it said.Felda was founded in the 1950s to manage rural resettlement schemes as well as promote the development of the palm oil industry in Malaysia.It is the country’s most important political cog with 54 parliamentary constituencies under Felda settlers.Felda had on Tuesday issued a statement that it had identified 31 strategic initiatives for its transformation project aimed at turning around the government agency that is the single-largest shareholder in FGV Holdings Bhd.Felda said that the initiatives would be implemented in three phases, which, at this juncture, would take eight months for each phase.“The first phase is creating momentum and early wins, second phase is expanding and growing results while the third phase is delivering and building capabilities,” it said.“All efforts are being put into ensuring that these phases can run concurrently to expedite the turnaround,” it added.To recap, StarBiz reported on Nov 21, 2016 that Felda lost more than RM45mil in a fish farming venture in one of its subsidiaries.The 2015 Auditor-General Report (Series 2) had stated Felda lost another RM28mil in four subsidiary and sub-subsidiary companies that were set up without the approval of the Finance Minister.The companies had been set up to implement the Sturgeon Farming Project, Savaro restaurants and the Schneeballen Pastries Project.The report said Felda Caviartive Sdn Bhd (FCSB) spent RM47.61mil on the fish farming project, but the returns, including from sturgeon farming and technology transfer, were not realised due to suspension of the project.FCSB signed a US$45mil (RM146.25mil) contract with two companies - I2C Hassed Co Ltd and I2C Hassed (M) Sdn Bhd - which exceeded the RM110mil limit approved by the Felda board.ight from the get-go, the sturgeon farming project in Kuala Tahan received strong objections when word came in 2013 that it would be built on the fringe of Taman Negara.The joint-venture project, between Felda Investment Corporation and MMC Hassed Co Ltd of South Korea, was opposed by local tourism operators and environmental groups, who feared there would be a severe impact on the ecosystem and the eco-tourism value of the area.Within months, the project was put on hold and ultimately shelved in 2015.

Source: The Star December 20, 2018 06:22 UTC