Pirates of PNG

Pirates of the South Seas

Pirates of the South Seas

The controversies of the ‘doubtful Ph.D from Warnborough University’ and ‘Yunnan Huijia deal’ still very much the talk of town whenever the subject of FGV is brought up in any Klang Valleyite conversations. Now, it seems there is a new scandal if not unscrupulous acts of executive decision.

It was brought to our attention the designated incoming CEO Pradeeb Kumar n.k.a. Emir Mavani and his able assistants imported from PEMANDU probably have been extremely busy pushing if not ‘forcing’ their Papua New Guinea proposal through the investment committee and the BOD of FGV.

Strong rumours lurk within the industry that they have unilaterally resolved ahead of all other upstream plantation investments, FGV should value the PNG proposal at USD 110 million and acquire 70% of it from its vendors. It is also believed that they also have keen support from an Investment Committee member who happily volunteered himself to negotiate on behalf of the company and management.

Nevermind that the said committee member is breaching all norms of corporate governance by accepting to negotiate on behalf of the company and then participating in the investment committee process to evaluate the merits of the investment.

The “Thirteen Million Plus Ringgit questions” are why in Papua New Guinea and most of all, agreeing at that said price. The simplified answer it is because it’s value for money. However, it is not advantageous towards FGV but to the vendors. Also definitely to individuals with vested interest and would make personal gains from the deal.

It is very clear why it is value for money for some personalities with vested interest worked very hard to push for the deal through, in so short of time.

For one, 11,500 hectares of unplanted afore mentioned land is in the boondocks of a remote island called New Britain. It is valued and offered to be sold to FGV for the bargain sum of RM 9,600 per hectare. On its own, that could be considered a value for money acquisition. However considering a Malaysian plantations plc Kuala Lumpur Kepong Bhd (KLK) bought their land in PNG last year and it cost them a lot less, at only RM 1,500 per hectare.

Probably some cheeky odd fellows could argue that KLK’s land wasn’t any good. That would rationalise why KLK paid too little. Then again USD 35 million for only 11,500 hectares of unplanted land is definitely a good value.

Then there is also the beautiful virgin jungle around the area which the company can later plant with Oil Palm. So much potential. No need to worry about the NGOs in Papua New Guinea. People everywhere is this age wants development. Then again after they log and extract the timber, they can plant oil palm and make it productive.

The next interesting question is that, FGV is into oil palm plantations. So, FGV needs to de-forest and clear the virgin equator thick jungle before they could prepare the land for estate plantation. FGV is in great luck because the vendors will do that. Nevermind they would make money from it.

It could be argued that the vendors are doing FGV a favour. Nevermind that is actually to perpetuate their logging concession licence the Vendors are required by the terms of their land deed to plant oil palm.

Also, it’s already partially planted. More or less 4,200 hectares are already planted. That planted area has also been valued by Crowe Horwarth (appointed by Pradeep Kumar n.k.a. Emir Mavani and the PEMANDUettes) for USD 75 million. That is only USD 18,000 per hectare or RM 55,000 per hectare for a 3.5 years old plantation of oil palm.

As for comparison, JCorp subsidiary Kulim Bhd’s plantation in New Britain must be valued more than that. For the record, Kulim’s acquisition was between USD 1,000-1,200 per hectare and transacated slight overly a year ago. Nevermind there is no mill, FGV can spend the USD 30 million to build that necessary facility.

In sundry, Malaysian Anti Corruption Commission should serious look into all these alleged due processes and decisions made and acts of executive decision within FGV and get cracking.

All aggregated, for the tidy sum of USD 110 million. This is the new major activity M & A that FGV can look forward to under Pradeep Kumar n.k.a. Emir Mavani. That Ph.D in ‘Government Reforms’ from Warnborough University must have been worth it. The smartest person in the world couple with the PEMANDUettes will be running FGV.

Interesting enough, in a small event yesterday at FGV Emir Mavani politely asked outgoing FGV Group CEO Tan Sri Sabri Ahmad as ‘Dr.’. Probably now he would want to be called ‘Captain’. Just like Jack Sparrow or Black Beard.

For the benefit of the stiff readers and humor bone deficcient, the MACC officers need not to investigate for secret desire to be called ‘Captain’.

Published in: on June 25, 2013 at 09:30  Comments (23)  

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23 CommentsLeave a comment

  1. People have been avoiding PNG for years. tribal land issue problematic. What does this Emir know about PNG?

    He is forgetting that FGV have indirect social role to Felda settlrs aka their shareholders. Don’t just simply cook up deals here and there.

    Ada commission ka????

    • This so called emir is a Pradeep Kumar a keling pariah.

  2. Bloody good post, BD. More of such, please.

    We must try to undress those men wearing skirts other than Scotsmen. Expose those dirty scums, virus and cancer cells under the ghastly hairs.

    More importantly, trace and expose the end-beneficiaries of sales commissions, kickbacks and frontal screwing of FGV.

    I believe such PhD tipu blokes are put there for a purpose. A sinister and clandestine purpose. Money making by those who recommended, arranged for him be placed there, or even the decision maker on that himself.

    • Under PM Najib, Malaysia has gone to the dogs and hounds and apparently he is in company of thieves and robbers.

      PM Najib are you robbing the FELDA settlers off? I thought you promised to look after them as it is a legacy of your more illustrious father…

      Why are you allowing these bastards to linger and suck every drop of blood from the nation…..You have to go, Najib….or go per4form Istikharah prayers and seek Divine guidance in ALL your decisions…Never trust the people around you anymore

      The longer you stay, the more the rakyat will be screwed..

      • You think he prays? Regularly?

        I don’t know. But I read that he and bruder Nazir of CIMB went to school in Englaaaaaaaand, and Nazir laughs at NEP with his glass of wine and expensive Havana cigar.

        Bastardizing NEP, said Nazir. And Najib senyum saja.

  3. I think when BD started to ramble on FGV, it was another pirate back then. Sits on 32 boards, earning RM70k p.m. on top the comfortable pay as JUSA A.

    Now, its another pirate. Different group but refinitely more brutal.

    Pls dont bring us your avid readers more of FGV piracy news. In Ontario, Myanmar, Cambodia… All sustainable for piracy boarding & plunder.

    Anyhow, keep up with the anti piracy patrols.

    • Disagree. I want read more FGV piracy news. Or any piracy news.

      I cannot whack them in any other way, whack in here pun jadi lah. They cannot be let go without any whacking. If possible, wanna pull the carpet from under their feet. Hope PAU in November will do it.

      Btw, who’s that JUSA A, 32 BODs, RM70k pm fellow? Tell lah, I’m a backward fella, but want to know.

      • Thank you all.

        Its former DG of FELDA Dato’ Dzulkifli Abd Wahab. He tried to sabotage the IPO of FGV, because the IPO means he would lose power and a lot personal benefits. Until present day, he refused to let go of the Chairmanship of Koperasi Permodalan FELDA, which is the majority shareholder of FELDA Holdings Bhd.

        Can read about the list of companies Dzulkifli sits in the BOD in here.

        When he was dismissed as the DG and most of the perks which include most of the BOD seats gone, Dzulkifli asked his lawyers to demand for his re-instatement.

      • Txs BD. I missed that one.

  4. This is the shareholder’s money! Not Mr Pradeep and his Drivers. Can someone please stop them! Anwar Ibrahim! Mazlan Aliman! Where is the check and balance? Who the hell pays 9,600 per hectare. How to make money if you already rogol the land price?

    • You hope on Anwar, he’ll rogol sommore. He amassed RM3 bill as a Finance Minister. Mazlan Aliman will just make noise in FELDA, that’s all.

      Ask people like Muhyiddin lah. But get Najib replaced as UMNO President first.

      • Anwar Ibrahim is keling. Pradeep Kumar @Mavani is also a keling. You got that right. Got to get rid of Najib the smiling malay bum.

  5. Biggie,

    You touched in passing about the ‘member of Investment Committee who offered himself to negotiate’.

    Who is the personality of this chap? What’s the story there? Is he a player in the plantation game?

  6. Why call emir mavani Pradeep kumar ? What is the connection? Is this a racist comment or insinuating he’ s a good actor. I haven’t seen any of his movie coz I’m too young. Just googled to find out who is Pradeep kumar .

  7. […] tons sale of RBD Palm Olein to pig rearing company of Kunming, China Yunnan Huijia Co. Ltd. 3. The acquisition of 11,500 hectares of land in Papua New Guinea at exorbitant […]

  8. Dulu dia Pradeep sebelum jadi mualaf. Selepas itu jadi lanun dengan kawan baik Cina dari Kedah. Cina dari PKFZ. Datang Felda mau rompak.

  9. Mr Kuantan, please elaborate… Who is this Chinese Man? Is he Pradeep’s partner in crime? A member of the Investment Committee helping to negotiate? Port Klang Free Zone? Tell more? You are anonymous on this Blog.

    We must expose these donkeys.

  10. […] Pirates of PNG | The "thirteen million plus Ringgit" guy rambles…. Strong rumours lurk within the industry that they have unilaterally resolved ahead of all other upstream plantation investments, FGV should value the PNG … bigdogdotcom.wordpress.com/2013/06/25/pirates-of-png/ […]

  11. […] Anti Corruption Commission should look into this inappropriateness and the purported deal in Papua New Guinea. If it can be proven, then Mavani should be charged for abusing of position and […]

  12. […] fact is that no planter would ever want to pay almost RM 200,000 per acre in Sabah. So is the 11,500has New Britain deal, in Papua New Guinea. The simplest question that would cross the minds of many, especially the […]

  13. […] Considering the bad light that shone on FGV recently with all the non-halal deals such as proposed acquisition of the New Britain plantations off Papua New Guinea, Pontian Plantations which one of the vendors is DAP Life Adviser Dr Chen Man […]

  14. […] is also this damning rumour in the market about the proposed acquisition of New Britain plantations off Papua New Guinea. The story is about three personalities, which include a member of the investment committee which […]

  15. […] Sabri out from FGV BoD. FGV is sitting on a huge pile of cash and could easily do spending spree. Proposals like the acquisition of New Britain Plantations off Papua New Guinea, almost double what Kulim Bhd paid for a similar acquisition two years earlier. Now, the more […]

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