by E.S. Shankar, Donplaypuks® intrepid correspondent for oily affairs





The much awaited audited accounts of FGVH Plc for the year ended 31 December 2016 reads a sorry tale of continued incompetency and mismanagement. CLICK HERE.













While turnover was up by about 11%, profits plunged:





1. Profit after tax for the FGVH Group dropped by 78% to RM66 million.

Since 2012, profits have sunk by an incredible 93%!

At the company level, FGV lost even more - (RM71 million) compared to a profit in 2015 of RM283 million, i.e. a disastrous dive of RM354 million!!!





2. This includes

RM53 million written off due to fraud at their Turkey join-venture.

The fraud had occurred between 2011-2016, which suggests Chairman Isa and his team have been sleeping on the job for a very long time.





3. It could not be clearer that the situation is really bad with the announcement of a 1 cent dividend per share, yet to be approved by the shareholders.





4. While FGVH is up in flames, Chairman Isa Samad saw his remuneration going up by 49%, from RM1.8 million in 2015, to RM2.7 million in 2016!!!???***##.





5. Things must have really got hot at FGVH, as Najib and Rosmah's handpicked CEO, Marvellous Mavani Da Man , resigned on 1 April 2016 (read as sacked). He, sob, sob, left with a measly gratuity of RM500,000 for a mere 3-year stint.





6. Events have of course somewhat overtaken these pathetic results and performances by Chairman and CEO. In June this year, PM Najib announced Isa Samad's resignation (

).





But, unfortunately for the Rakyat, this is not the end of the Isa Samad episode.





Isa, who was suspended by UMNO way back in 2005 for money-politics (of at least RM50 million), has now been appointed by Najib as Chairman of SPAD (Land and Public Transport Authority), to fill the vacancy created by the retirement of another Najib crony, Syed Abdul Hamid Albar, ex-Minister for Home Affairs.





SPAD is of course a super Quango created by Najib and UMNO for loyal party stalwarts looking for sinecure (gaji buta) post retirement "jobs", with stratospheric salaries and perks. This is the same for Chairmanship of most GLCs e.g., Petronas Chairman Sidek, ex-civil serpent chief!





7. FGVH's balance sheet does not look too healthy either, with paid up share capital of about RM7 billion reduced by RM3 billion of goodwill on acquisitions of subsidiaries, associated companies and other businesses. Total borrowings stand at RM5.6 billion or

80% of capital.

This is made up of RM3.9 billion owing to banks and financial institutions, and RM1.7 billion to a Felda!!!





8. The prospects for improved profits in 2017 do not look too bright, given that global commodity prices have not been galloping upwards. However, FGVH's Group Chief Financial Officer (one of those now suspended by Isa) - we are not clear whose hands are on the steering wheel at the moment - states in the accounts that "we expect 2017 to be a better year". I don't think CFO Ahmad Tifli really believes his own words.





The sacking of Isa Samad was long overdue. One can give excuses such as declining market conditions and global trade downturn for a year or two. But not for five years! The short and the long of it is that Isa Samd is incompetent and knows nothing about business, not even the running of a nasi lemak stall, let alone the world's 3rd largest oil palm plantation listed company (by acreage). He should never have been there in the first place.





However, when the shit hit the fan, Isa tried to shift blame on newly appointed CEO Zakarai Arshad and other senior executives. He demanded and got their suspension by manipulating and threatening other FGVH board members, dropping Najib and Rosmah's name frequently.

Zakaria, unlike ex-

would not

CLICK HERE. go down without a fight; he called in the Malaysia Anti-Corruption Commission (MACC), which raided FGVH's HQ and carted off tons of files.





A leopard cannot change its spots. Isa had been implicated in a slew of suspicious and dubious "investments", ranging from the infamous tropical salmon caviar project, to over-the-odds acquisition of hotels in UK involving his son.





His wife has been accused of freeloading and globe-trotting first class on FGVH junkets. Isa and his wife were called in for questioning by the MACC.

and





What about Najib's performance? As the chart below shows, many GLC's are sitting on a time-bomb! The ill-advised 2012 listing of FGVH was only possible by Najib coercing these GLC's to invest in the IPO. The result -

book losses of about RM7 billion

as follows:





The EPF has reduced its FGVH holdings to a mere 0.71%, having registered actual losses of over RM400 million in a sell-out. Similarly, PNB dumped its 58 million shares, losing some RM173 million.





All of this begs the question why serial liar and 1MDB RM46 billion defrauder Najib is still clinging on to Isa Samad. Having laid a big fat, stealthclass, farty, stinky egg at FGVH, can we expect him to deliver anything but a rotten Dud Spud at SPAD? Why indeed? Could it be because of this message floating in cyberspace?





Does Isa Samad hold Najib by his family jewels? Does he really have the goods on what allegedly Najib did one summer with Ziana Zain in a seedy Port Dickson hotel in the 1980's?





Why else would Najib stand so resolutely by an ageing short, fat, balding, ugly, incompetent, corrupt, Humpty Dumpty like Isa Samad!





Why????