As mentioned in our previous post, representatives from Indonesian Chinese tycoon Peter Sondakh’s Rajawali Group were spotted at the meeting which took place in a leading 5-star hotel in Kuala Lumpur. Peter Sondakh is of course no stranger to Malaysians. He has been an investor in Malaysia since 2004 when he sold 23% of his shares in PT Excelcomindo Pratama to Telekom for USD314 million. He subsequently invested in Langkawi through the development of Sheraton Hotel (now Westin), St Regis Hotel and Langkawi International Convention Centre.
He once again came into the limelight in Malaysia when his company Eagle High Plantations was sold to a subsidiary of Felda at an inflated price in late 2016. The deal was partly funded by the Malaysian Government, which begs the question – was the Malaysian people’s money wasted? Many seem to think so given Eagle High’s poor financial performance.
It goes without saying that Felda funds which were used for this purchase came at the expense of the Felda settlers. As a result of this high investment, the settlers lost out in terms of their returns and benefits.
With this potential new deal, the entry of foreigners begs the question of whether it is detrimental or beneficial to the Malaysian public. Given his past deals in Malaysia, we know Peter Sondakh’s team always gets the better end of the stick.
However, since a national gem is at stake, we must not allow Peter Sondakh and Martua Sitorus to take advantage of us Malaysians.