MACHANG: Felcra Berhad has reaffirmed that its acquisition of oil palm plantation assets in Kelantan and Sabah was conducted in accordance with corporate governance procedures and approved by its board of directors, adding that the agency is fully prepared to cooperate with the Malaysian Anti-Corruption Commission (MACC) should an investigation be initiated.
Felcra chairman Datuk Ahmad Jazlan Yaakub said he has not been contacted by the MACC nor asked to provide any explanation regarding the acquisitions thus far, but expressed confidence in the commission’s professionalism and integrity.
“I regard the MACC as an institution with strong credibility. If there is no basis for further investigation, the matter can be addressed at the management level. In any case, all investment decisions were made collectively by the Felcra board,” he said.
Speaking to reporters after officiating the Kampung Angkat Madani initiative in Bukit Tiu, Ahmad Jazlan explained that the plantation acquisitions were part of Felcra’s Transformation 1.0 plan, approved in 2022 to ensure long-term sustainability.
He noted that the agency had not undertaken major plantation acquisitions since around 2013, prior to the transformation programme, and that current financial constraints limit large-scale land expansion.
Ahmad Jazlan stressed that no bank loans or government funding were used for the acquisitions, which were instead financed through internal resources and capital expenditure generated from Felcra’s commercial operations.
All acquisitions, he said, were based on valuations conducted by the Valuation and Property Services Department (JPPH), with most purchases made below the assessed market value.
The issue has drawn attention following findings in the Auditor-General’s Report 2/2025, which highlighted governance weaknesses across several government-linked entities.
