How Umno does business: Grab $ first, sign later! ;)

The National Feedlot Corporation (NFC) was able to withdraw its RM250 million soft loan from the government even before a contract with the government was signed.

Public Accounts Committee (PAC) chairperson Azmi Khalid (right) revealed this after the committee interviewed several Agriculture and Agro-based Industries Ministry officers today and said that other problems with the NFC uncovered by the PAC were poor management, delays in approval and changes in goals.

Azmi told reporters, “In this case, the money was disbursed in 2009  into a special account which needs the (relevant) ministry’s approval, to be withdrawn for the company’s operations. But only after the money was disbursed (in 2009) was the contract signed a year later in 2010.”