Press Digest - Where did the RM4.3b go, questions Felda chairman

Federal Land Development Authority (Felda) chairman Tan Sri Shahrir Abdul Samad has questioned where RM4.3 billion in proceeds from Felda Global Ventures (FGV) initial public offering (IPO) had gone, reported Sinar Harian.
The newly-minted chairman said of the RM6 billion proceeds from the IPO, only RM1.7 billion was used as a windfall for the settlers, while the remaining had been unaccounted for.
"We gave out RM15,000 each to families of the settlers, and had a balance of RM4.3 billion.
"So where did this RM4.3 billion go? I think this has disappointed a lot of the settlers," he was quoted as saying by the Malay-language daily.
Shahrir said the recent auditor-general's report had noted that about RM200 million was not spent properly and accordingly.
"We will try to get it back, but I don't think it's possible as it had been spent. It was reported that various expenditures were done without approval, nor according to the protocol," he was quoted as saying.
Shahrir said his task now was to put Felda's financial position back on the right track, and that it is the responsibility of Felda to restore confidence among the institution's staff.
"Once we do that, settlers will come back to us, and start believing in Felda again. And that is my task as Felda's chairman," he was quoted as saying in the report.