Friday, February 10, 2012

NFCorp is Telling a 'Cock & Bull' Story

NFCorp Chief Executive Wan Shahinur Izmir said the corporation has the right to use the government's RM250 million soft loan as it sees fit, based on its 2007 deal with Putrajaya. He made the statement on the back of new allegations of the fund being used to purchase two luxury condominiums in Singapore.

Izmir said NFCorp has been given a free hand to manage its business as long as it repaid the 2% interest in full. There can only be two possibilities: first, NFCorp top executives (Sharizat's family members) truly did not understand the purpose of the low interest soft loan given to them by the government or second, the government is using public's money to provide cheap personal loan to family and kin of top politicians with the aim of enriching themselves.

Izmir's statement can confirmed our worst fear that the NFCorp is bound to fail right from the start. The company cannot use the lack of abattoir as a reason to utilize the fund for non-related purposes like buying properties.

Inevitably, his statement is also putting Putrajaya in a spot. The administration must answer to Izmir's allegations that NFCorp has a free hand to utilize and manage the fund as long as it repaid the 2% interest in full. What about the capital repayment?

If the allegation is true, the government should stop the hypocrisy of launching the affordable home scheme which is providing loan to low cost home buyers at 7% interest rate. Normal home buyers are only paying 4.0-4.2% at most for the purchase by taking a loan from commercial banks.

Why is the government helping the elite like Minister Sharizat with cheap soft loan so that they can keep the profit by investing in luxury properties and charge an inappropriate and exorbitant interest on the poor?

Is this a caring 1Malaysia government?

Izmir has put the entire Cabinet on the spot! The government must come clean on this controversy.




4 comments:

najib manaukau said...

Everyone in the world, except NF management, knows purchasing more than a unit of property to live in is speculation. And I might even add that a lot of big timers are known to have their hands burnt badly because of such speculation. So what is there to prevent NFC being burnt too ? Unless of course you are Allah that can predict everything that will happen. Your so called 'investment' is mere speculation really and besides no one borrow to speculate especially the way you do. The government might as well 'invest' ion the speculation instead of running the country !

bruno said...

First of all,it has been many months since Cowgate broke.The factions who leaked the information about NFC and the faction behind Cows Mama have have been able to come to a truce.Therefore unseen hands are at play behind the scenes doing damage control.

Do not be surprised about good news favoring Cows Mama and NFC coming out in the near future.Umno will try to fix Cowgate so that it will have little effect on the outcome of the GE.But this time around the people will not be again hoodwinked.The GE is near and Umno's future is at stake,and besides the kitchen sink,the toilet and washer dryers will be thrown at the opposition too.

bruno said...

Cow's Mama's son should have played dumb and let things quite down instead of upping the tempo.

From now onwards expect things to quite down from her enemies in Umno in order for Shahrizat to exit gracefully.When things cool down she will leave as if it was her own decision and not being forced out.

It will be sometime late March to May.Then a few months later Najib will call for the elections sometime in the second half of the year.

tank said...

The horses has bolted. We must ensure that the "GRANT" is returned in full. Would we prefer baying for blood or get back what is lost?