News Release for Immediate Publication - NFCorp Clarifies Terms of Sale #KLChronicle

news release

FOR IMMEDIATE PUBLICATION

THURSDAY 25 JULY 2013

NFCorp clarifies terms of sale

No variations to the terms of the sale and purchase agreement

KUALA LUMPUR --- Following aspersions, distortions, and fabrications on the terms of sale of National Feedlot Corporation Sdn Bhd (NFCorp) by certain quarters, its Chairman Datuk Seri Dr Mohamad Salleh Ismail today clarified that statements made recently by an opposition MP were inaccurate and untrue.

At a news conference here today, Datuk Seri Dr Salleh said, “The terms of the sales and purchase agreement between NFCorp and Kirimitonas Agro Sdn Bhd would see the latter purchasing the entire shares of NFCorp and its related companies, and accordingly take over all the assets and liabilities which include the RM250 million loan with the Government of Malaysia.”

 

“NFCorp has no knowledge whatsoever of any variations to the original terms and conditions in the agreement, and neither has the buyer informed our clients anything to the contrary.”

Lawyers acting for NFCorp Wan Shahrizal Wan Ladin of Wan Shahrizal, Hari & Co said that letters of demand against the parties for defamation have been issued.

Corporate lawyer acting closely on the SPA between the buyer and seller Datuk Feroz Moidunny of Feroz & Co added, “There is no stripping of assets whatsoever in the deal as claimed by the opposition. The assets and liabilities of NFCorp are part and parcel of the sale agreement between the NFCorp and Kirimitonas Agro.  

“Kirimitonas Agro has agreed to undertake the full repayment of the RM250 million loan.

“It is therefore not true for the opposition to claim that the government is unlikely to get back the balance of RM163 million as claimed by the opposition.”

On 23 April 2013, a Business Times news story had reported, chairman of Kirimitonas Agro Datuk Nik Mod Amin Nik Abdul Majid was quoted to having said, “That’s why our auditor allowed us to take the assets and liabilities of NFC. Since the loan repayments are up-to-date, we will continue its repayments. This is a very commercially viable project.”

The parties National Feedlot Corporation and Kirimitonas Agro had signed the Sales and Purchase Agreement on 21 February 2013.

Datuk Salleh also reiterated that his wife Datuk Seri Shahrizat Abdul Jalil was in no way connected to NFCorp and that the Malaysian Anti Corruption Commission (MACC) operations review panel had said that shewas not involved in the procurement of the RM250 million government loan for National Feedlot Corporation Sdn Bhd.

MACC Chairman Tan Sri Dr Hadenan Abdul Jalil had on 31 May 2012 said that the panel made the decision after studying investigation papers and reports from the Attorney­General's Chambers, and closed the case against the former women, family and community development minister and cleared her name.

It has now been 14 months since Datuk Seri Shahrizat was cleared by the MACC but the opposition and some adversaries continue to vigorously link her directly to NFCorp.

NFCorp and its chairman Datuk Seri Dr Mohamad Salleh have issued a letter of demand on 16 July 2013 to PKR Strategy Director and MP for Pandan, Mohd Rafizi Ramli for having slandered NFCorp at the news conference held by Rafizi Ramli on 9 July 2013.

NFCorp and its chairman had also issued a similar legal letter to Internet news portal Free Malaysia Today on the same date for having published Rafizi Ramli’s statements which were incorrect.

Another Internet news portal, the Malaysian Insider too received a legal letter for failing to justify the contents in their reporting.

In a separate matter, NFCorp and its chairman had on 3 June 2013 filed a summons against Rafizi Ramli and MalaysiaKini for another set of lies, distortions and fabrications over eight purported loans taken for KL Eco City office properties.

In that episode, no loans were ever taken for the properties from Public Bank Berhad, not then and not now.

In the process of supporting his claims, Rafizi Ramli had breached the Banking and Financial Institutions Act, 1987 (BAFIA) when he distributed confidential banking information of NFCorp, its group of companies and its chairman at a news conference Rafizi gave on 7 March 2012 to a room full of journalists who subsequently reported.

Datuk Seri Dr Salleh had also sought for an injunction to prohibit the defendants from further misleading and deceiving the public on the KL Eco City property purchase as the defendants continue to this day to publicise and exploit the banking information to lie, mislead, deceive and to outrage the public.

In their statement of claims, NFCorp, its group of companies and its chairman had sought for general damages, exemplary damages, aggravated damages, interests, costs and other appropriate reliefs from the court.