PUTRAJAYA, July 24 — Putrajaya Member of Parliament Datuk Seri Dr Radzi Jidin has cautioned the public against overlooking the severe financial missteps at the Federal Land Development Authority (FELDA) amidst intense national focus on controversies involving KWAP and Lembaga Tabung Haji.

Highlighting the agency’s disastrous 2016 acquisition in Indonesia’s PT Eagle High Plantations Tbk, Radzi pointed out that the original RM2.3 billion investment has lost roughly 87 per cent of its value, leaving its current market worth at a mere fraction of the initial purchase price.

“FELDA bought shares at 584 Rupiah per share, and today their value stands at just 79 Rupiah per share,” Radzi noted in a statement released here today.

“When factoring in the depreciation of the Rupiah, the remaining value is only around RM200 million,” he added.

Radzi emphasized that despite the staggering collapse in asset value, FELDA remains burdened with servicing the principal debt and ongoing interest costs incurred to finance the transaction nearly a decade ago.

“FELDA is forced to repay the RM2.3 billion debt plus interest incurred to purchase those shares. What have FELDA and its settlers gained from this investment over nearly 10 years? Nothing. Zero. Kosong,” Radzi stated.

Cautioning that the Eagle High deal represents just one of several costly transactions at the agency, the former Senior Minister questioned whether the nation is failing to draw crucial lessons from past governance failures.

“Are we choosing not to learn from history, or are we choosing to close our eyes to the truth?” Radzi concluded.

-NMT