{"id":2155,"date":"2019-04-17T15:21:43","date_gmt":"2019-04-17T07:21:43","guid":{"rendered":"https:\/\/www.htoilmachine.com\/blog\/?p=2155"},"modified":"2019-04-17T15:28:31","modified_gmt":"2019-04-17T07:28:31","slug":"malaysian-state-palm-oil-firm-felda-seeks-1-5-billion-government-bailout-bloomberg","status":"publish","type":"post","link":"https:\/\/www.htoilmachine.com\/blog\/palm-oil\/malaysian-state-palm-oil-firm-felda-seeks-1-5-billion-government-bailout-bloomberg\/","title":{"rendered":"Malaysian state palm oil firm Felda seeks $1.5 billion government bailout: Bloomberg"},"content":{"rendered":"

KUALA LUMPUR (Reuters) – Malaysia’s state palm oil<\/a> plantation agency, the Federal Land Development Authority, is seeking 6 billion ringgit ($1.5 billion) from the government to help turn itself around, Bloomberg reported on Tuesday.<\/p>\n

The request will be included in a white paper on the company scheduled to be introduced in parliament on Wednesday, Bloomberg reported, citing a source. If approved, the funds would be paid out in stages, the report said.<\/p>\n

Felda, as the state-owned company is known, has been struggling to pay down debt amid financial losses and corruption allegations.<\/p>\n

The government of Mahathir Mohamad, who came to power last year after defeating Malaysia’s longtime ruling coalition, had vowed to look into Felda’s financial troubles and alleged graft.<\/p>\n

Felda and Malaysia’s Ministry of Economic Affairs, which is preparing the white paper, did not respond to requests for comment on the Bloomberg report.<\/p>\n

Finance Minister Lim Guan Eng told reporters on Tuesday the government had to support Felda as the previous government had caused “huge losses”. He did not elaborate.<\/p>\n

Felda was set up to help palm oil farmers, who work for the agency, and also has a one-third stake in FGV Holdings Bhd, the world’s largest crude palm oil producer.<\/p>\n

Palm oil farmers on Felda land have been grappling with rising costs of living and high debt due to insufficient income.<\/p>\n

Felda has diversified in recent years into property, including hotels, both locally and overseas, but has been plagued by issues of poor management.<\/p>\n

Last year, Felda said it would sell assets including property in London, restructure some loans, and try to boost cash flow to trim nearly $2 billion in debt.<\/p>\n

A former Felda chairman was charged in December with breach of trust and receiving bribes over the purchase of a Malaysian hotel while he was in charge of Felda.<\/p>\n

The Mahathir government has said it would investigate several “highly suspicious” deals done by the previous administration, including the $500 million acquisition of a non-controlling stake in Indonesia’s Eagle High Plantations. The deal had drawn criticism as it was seen as overpriced.<\/p>\n","protected":false},"excerpt":{"rendered":"

KUALA LUMPUR (Reuters) – Malaysia’s state palm oil plantation agency, the Federal Land Development Authority, is seeking 6 billion ringgit ($1.5 billion) from the government to help turn itself around, Bloomberg reported on Tuesday. 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