Felda sets up RM100 million revolving fund for settlers to receive weekly payment

The Federal Land Development Authority (Felda) is setting up a revolving fund of RM100 million to ensure settlers can be paid weekly for their produce like before, its chairman Tan Sri Shahrir Abdul Samad said today.

He said the revolving fund would be used to make weekly payments to the settlers pending payments from oil palm factories.

This, he said, was in line with the main objective in the establishment of Felda, which was to look after the interests of the settlers.

"In ensuring Felda returns to its original role, the focus will be on farm management, replanting, fertiliser, maintenance and payment to settlers for their produce," he said.

He told this to reporters after opening the 50th anniversary of Felda Bukit Bading here last night.

Also present were Hulu Terengganu Member of Parliament Datuk Jailani Johari, who is Deputy Communications and Multimedia Minister and Ajil Assemblyman Ghazali Taib.

Shahrir, who is Johor Bahru Member of Parliament, said the weekly payment to the settlers would be carried out soon after the process to update the accounts of the settlers are completed.

He said Felda has assets in London, which could be liquidated for worth RM2 billion.

"These assets are investments by Felda before. When the value increases, there is nothing wrong for us to sell. We liquidate these investments for other things that will benefit the settlers," he added. --Bernama