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KUALA LUMPUR: The government has managed to recover RM79.9 million from its RM250 million loan to the National Feedlot Corporation.

 

Finance Minister II Datuk Seri Ahmad Husni Hanadzlah said the recovery of debt was made by freezing NFCorp's accounts through the Money Laundering Act.

The government, he said, had also seized two plots of land in Putrajaya, three land lots in Gemas, Negri Sembilan and two real estate units in Menerong Township Villa owned by NFC and valued at RM23.3 million.

"There are assets owned by NFC which were not directly bought under the company and we will have to wait until the case is settled in court for us to take further action," he told reporters at the Dewan Rakyat yesterday.

Ahmad Husni added that the assets were valued at RM62.7 million.

He said the ministry had taken three measures to resolve the issue of the controversial NFC project, namely bringing the case to court, recovering debts and assets as well as finding a new company to continue the NFC project.

Husni said a renowned Japanese agro firm, Kirimitonas Agro Sdn Bhd, had expressed interest to take over NFC.

"However we are still in the process of reviewing the company's capabilities in terms of financial and technical aspects," he said, adding that the company had issued a letter of intent to take over the project with the expiry date slated for this October.