FIC president Datuk Syed Mohamed Syed Ibrahim said the FLH was the sole owner of 'The Park City Grand Plaza Kensington Hotel' in London while FGL was the sole owner of the two student accommodation - Felda House and Grand Felda House - which were also in London. Pix by Abd Rahim Rahmat

PUTRAJAYA: Felda Investment Corporation Sdn Bhd (FIC) today clarified that FIC London Hotel (Private) Limited (FLH) and FIC Global Limited (FGL), both of which are registered in British Virgin Islands (BVI), are wholly-owned subsidiaries of FIC.

FIC chairman Datuk Syed Mohamed Syed Ibrahim said the FLH was the sole owner of 'The Park City Grand Plaza Kensington Hotel' in London while FGL was the sole owner of the two student accommodation - Felda House and Grand Felda House - which were also in London.

"I hope this clarification will dispel any confusion and negative misrepresentation of the company's status that has been raised by any party," he told reporters at a press conference here earlier.

Syed Mohamed, who was responding to allegations by PKR vice-president Rafizi Ramli that FIC London Hotel Pte Limited, registered under BVI, had been shut down, admitted the company had in fact been shut down.

"Yes, it is true that FIC London Hotel Pte Limited was formed and listed in BVI. It is a common practice for any foreign investment companies to be listed in BVI to maximise tax benefits.

"However, when FIC's investment structure changed, another company was formed as FIC London Hotel (Private) Limited to meet the investment structure.

"The first company which was left dormant was struck off by the BVI authorities. The FLH which replaced the FIC London Hotel Pte Limited is still active and operational," he explained.

In a news report last week, Rafizi had called on Prime Minister Datuk Seri Najib Razak and Felda chairman Tan Sri Shahrir Samad to explain the status of the investment of FIC on the Hotel Grand Plaza Kensington

He alleged that FIC London Hotel Pte Limited which owned the hotel had been shut down.

Deputy Minister in the Prime Minister's Department Datuk Razali Ibrahim said there were certificates to prove the establishment FLH to replace the previous company.

"If Rafizi had wanted to check for facts, he could easily look up for the registration of the hotel on the internet to ascertain whether it was still operational, instead he wanted to make a false statement.

"This is a definitely an agenda brought by the opposition to confuse the people and make them angry, especially now when the country is gearing up for general election.

"For the people and settlers sake, I would like to affirm that all investments carried out by FIC are being monitored closely by Felda. The people should know that all investments are intact and wholly owned by us," he said.

Earlier, Shahrir also announced the appointment of FIC's new board of directors.

He said the new line up was to ensure good governance and maintain business sustainability.

"Felda has been undertaking major revamps, including replacing the previous board of directors with new members. The new board of directors comprise professionals from both public and private sectors and has the immediate task of installing a strong corporate governance process," he added.

The new board of directors were Syed Mohamed, Datuk Dr Yusof Ismail, Datuk Nik Azman Mohd Zain, Ab Ghani Mohd Ali, Datuk Muzzammil Mohd Nor, Datuk Noorazman Abd Aziz, Datuk Syed Zaid Syed Jaffar Albar, Hussein Ismail and Ahmad Zulqarnain Che On.

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