Saturday, November 19, 2011

The Cash Rebate works out to RM 57,000 p.m. so treated as income every month. No wonder the Co. wound up....

Subject: LOL! NFC chairman explains income from condominiums
Date: Friday, November 18, 2011, 12:15 AM

Published: Friday November 18, 2011 MYT 2:59:00 PM
Updated: Friday November 18, 2011 MYT 3:33:54 PM

NFC chairman explains income from condominiums


KUALA LUMPUR: Amid questions and confusion over the rental of the two One Menerung condominiums it owns, National Feedlot Corp (NFC)has come out to explain how it gets a monthly income of about RM70,000 per unit.

NFC executive chairman Datuk Seri Dr Mohamed Salleh Ismail said each unit was rented out for RM18k.

On top of that, NFC gets a monthly 10% cash rebate from the developer on the price it paid for each of the RM6.9mil condominiums.

The NFC paid cash for the condo, he added, and the cash rebate, came up to RM57,000 each month.

"The total of both (RM18k and RM57k) makes it RM75k each month," he said Friday.

This would give it an income of RM900,000 per unit for a year.

He said the two units were being rented out to two different oil and gas companies to provide housing for their expatriate staff.

The NFC came under scrutiny recently following the 2011 Auditor-General's report which described it as a mess and that it was poorly managed and had only met 41.1% of its target for 2010.

Salleh is the husband of Women, Family and Community Development Minister Datuk Seri Shahrizat Abdul Jalil.

NFC is run by Salleh and their three children.

Related Stories:
Chairman: NFC not in a mess
IGP: NFC being investigated by CCID
National Feedlot Corp is not a mess', says chairman
MACC passes RM9.8mil condo case to cops
Shahrizat: Opposition out to destroy me and Wanita Umno

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