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Cattle farmer NFC would be worth RM95 million had it remained in operation, says expert witness


KUALA LUMPUR (March 17): National Feedlot Corp Sdn Bhd s (NFC) net worth would be between RM85 and RM95 million if it was still in operation today, an expert witness told the court in the trial between the cattle farmer, its chairman Datuk Seri Dr Mohamad Salleh Ismail and nine others.
The defendant s first witness Andrew Heng, a partner in the firm Ferrier Hodgson MH, testified that the net worth of RM85-RM95 million was based on his projections. Heng was commissioned by NFC to conduct a review of a due diligence report conducted by PricewaterhouseCoopers Malaysia.
Heng said that his projections were based on the assumption that the government had made good in its obligation to build an Export Quality Abattoir (EQA) to carry out livestock farming and beef production. ....

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Hard to trace money trail at NFC, says defendant's witness


KUALA LUMPUR (March 17): There was no way to determine that the sum of RM172.2 million in National Feedlot Corp Sdn Bhd’s (NFC) operating accounts was money derived from the RM250 million loan granted by the Ministry of Finance (MoF) then, according to the defendant’s first witness Andrew Heng, a partner in the firm Ferrier Hodgson MH (FHMH).  
“NFC was operating and trading at that time (between 2008 and 2011), they were accruing revenue. There is no way to trace that money went to the defendants and no way to trace if they had used the money for purposes outside NFC,” Heng told the Court today. ....

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