KUALA LUMPUR - The cattle company owned by the family of Cabinet
minister Shahrizat Jalil on Friday admitted it purchased several
luxury condo units, saying they were investments made during a lull
in its cattle business.
The National Feedlot Corporation (NFC) said in a statement that
it had bought the condominium units, including three in Singapore,
as investments to generate returns on its RM250 million (S$104
million) government loan.
'The property market is sound and secure, more protected and
less volatile than others,' chief executive Wan Shahinur Izmir
Salleh, Ms Shahrizat's son, said in a statement on Thursday. 'NFC
retains the prerogative to invest the funds in the best interests
of the company.'
He was swiftly pilloried by critics in Malaysia's opposition,
who pointed out that the soft loan from the government was
expressly meant for cattle farming.
-- ST
