Day One of NFC Trial

- Advertisement - [resads_adspot id="2"]

The National Feedlot Corp Sdn Bhd (NFC) trial involving RM250 million in government funds began today with the prosecution taking to task its accused chairman, Mohamad Salleh Ismail, reports The Edge Markets.

Eight other defendants, including former women, family and community development minister Shahrizat Abdul Jalil’s family members, are accused of misappropriating RM118 million of the total sum.

Salleh is Shahrizat’s husband.


Senior federal prosecution counsel Azizan Arshad today told the court the government is seeking RM253.62 million in funds owed with an annual interest of 2% starting May 1, 2019, until the date of the full settlement, the report quoted Azizan as telling high court judicial commissioner Anand Ponnudurai.

The government is also seeking a declaration from Salleh and his children stating they are liable for the RM118 million and that it will be repaid.

The government is also seeking a court declaration to allow it to trace the misappropriated sum and claim equitable title of properties acquired by the defendants using the funds.

On December 6, 2007, the federal government granted NFC the loan to partially finance a feedlot centre in Gemas.

“(NFC) was required to repay the loan interest on the amount drawn by 17 instalments of RM17.4 million each, commencing on January 9, 2012 to 2028. The defendant failed to pay the 2012 and 2013 yearly instalments, which were due on January 9 each year,” the report quoted Azizan as saying.

“The assets of the first defendant were frozen and seized by the Royal Malaysian Police following several criminal charges. However, the first defendant agreed to utilise part of the monies kept in escrow by the auditor-general amounting to RM35.5 million to settle its outstanding instalments for 2012 and 2013.”

In November 2015, Salleh had been acquitted of two criminal breach of trust charges involving RM49.7 million.

Salleh had also reportedly said last year that a party interested in acquiring NFC was willing to settle the loan amount and a letter stating this was sent to Prime Minister Dr Mahathir Mohamad on November 21, 2018. – TMI