KUALA LUMPUR: The Federal Land Development Authority (Felda) has clarified that the Assignment for Financial Service Reserve Account (FSRA) agreement is meant, among others, to enable the agency to restructure its financial commitment in relation to the interest rate charged and writing off 80% of the settlers’ bad debt amounting to RM8.3bil.
Felda, in a statement, said that the commitment to write off the settlers' debts was implemented by the agency without any grant from the Federal Government in 2021 and 2022, hence giving a huge impact on Felda’s cash flow and performance.
Already a subscriber? Log in
Get 20% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
