KL to sue Cowgate firm over RM250m loan
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Kuala Lumpur
THE Malaysian government will sue National Feedlot Corporation (NFC) for its failure to repay a RM250 million (S$96.7 million) government loan taken for a cattle-rearing project that went awry.
Prime Minister Najib Razak told Parliament on Wednesday that the company was to have begun repaying the loan in 2012 and take until 2028 to do so. However, as at September 2014, NFC had repaid only RM34.9 million, which constituted only a part of the sum to be repaid in 2012 and 2013. The company has yet to make good on this year's repayments.
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