Latest in the string of exposes about the embattled National Feedlot Corporation (NFCorp) is the all-cash purchase of an RM1.7million apartment in Kazakhstan using a government soft loan. NFCorp’s questionable assets include a luxury condominium in Bangsar and a supermarket in Singapore, despite NFC’s original role to supply beef for Malaysian consumption.

DAP Member of Parliament for Petaling Jaya Utara, Tony Pua today criticised NFCorp’s misuse of a RM250 million government loan for purposes inconsistent with the loan terms, calling it “ludicrous” and a complete waste of public funds.

“Based on the loan agreement, NFCorp is certainly not meant to be raising cattle in, or acquiring meat from Kazakhstan, much less buying an “apartment” there,” Pua said in reference to a report by The Malaysian Insider yesterday.

The government loan was granted to NFCorp for the purpose of operating “a National Feedlot Centre to be consistent with the Government of Malaysia’s policy of developing, promoting and nurturing the production of beef and beef products…”

Pua challenged Prime Minister Datuk Seri Najib Razak as the Minister of Finance and the governing authority over the RM250 million soft loan to confirm if approval was given to NFCorp for the “highly improper” Kazakhstan purchase.

“The Prime Minister has no right to talk about “transformation”, “fighting corruption” and ending “political patronage” if he does not even have the steel and ability to act tough on those who abuse power,” Pua said.

NFCorp, owned by Minister Datuk Seri Shahrizat Abdul Jalil, has been making headlines for financial irregularities since last year’s Auditor General Report showed that it had been underperforming.

Earlier this week, The DAP National Publicity Secretary revealed that companies owned by directors of NFCorp have not audited their accounts since 2007, as evidenced in a search at the Registrar of Companies.

During a press conference on Tuesday, Pua told the media that at least RM81 million originating from the Government’s RM250 million soft loan to NFCorp, had been transferred to various companies owned by directors of NFCorp.

Directors of NFCorp have admitted that the money was transferred to companies owned by them and are not related to NFCorp. However, they argued that these “unrelated companies” were always meant to be subsidiaries of NFCorp.

Pua added that Malaysians are thoroughly disappointed that the NFCorp scandals have only grown in size and incredulity over the past 6 months and yet do not see an end in sight with the Government taking any decisive action. –The Rocket