Malaysia will provide state-owned palm oil plantation agency Felda with financia...
KUALA LUMPUR - Malaysia will provide state-owned palm oil plantation agency Felda with financial aid of 6.23 billion ringgit following a government inquiry into the company whose losses and debt have soared over the past decade.
The report was prepared by the Ministry of Economic Affairs after 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. The report said Felda would restructure the principal payment of its debts, as well as delay the repayment of its borrowings of 1.98 billion ringgit in 2019. The remainder of its 9.3 billion ringgit borrowings will be repaid from 2020 to 2028.
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