Published: Tuesday September 25, 2012 MYT 3:48:00 PM
Updated: Tuesday September 25, 2012 MYT 6:22:38 PM
PAC to scrutinise if NFC loans followed procedure
By MARTIN CARVALHO
KUALA LUMPUR: The Parliamentary Public Accounts Committee (PAC) will scrutinise loan disbursement procedures with regard to the controversial National Feedlot Corporation (NFCorp) cattle rearing project.
PAC chairman Datuk Seri Azmi Khalid said the report was handed over to the committee, which will look at how RM250mil in soft loans was given out to NFC.
"We will look at how government funds are transferred to (the) NFC and whether it followed procedures and the agreement," he told reporters in Parliament House here Tuesday.
He noted that the committee would focus on procedural matters and was not concerned over what the money was used for by NFC.
"We are not interested in how NFC spent the money but how the money went out from the Government," he said, adding that the issue of NFC's expenditure was now in is court.
He said the committee also requested the Auditor-General's representatives to go over several aspects of their special audit report before inquiry resumes next week.
NFCorp came under scrutiny in the Auditor-General's 2010 Report which highlighted its failure to meet the annual beef production target set by the Government.
Set up in 2006, NFCorp was supposed to produce 38,600 heads of cattle in 2010 but fell short as the Entrepreneur Development Programme, involving 130 satellite farms, had not been implemented.
NFC's executive chairman Datuk Seri Mohamed Salleh Ismail has since been charged with two counts of criminal of trust involving RM49.7mil.