Najib dares Harapan to reveal details of Eagle High deal

Former premier Najib Abdul Razak has urged the Pakatan Harapan administration to reveal the details of Felda's purchase of a 37 percent stake in Indonesia's Eagle High Plantation (EHP).

This following a police report lodged against the deal.

In a Facebook post today, Najib said the deal was not as damaging as some quarters claimed as there was a "put option" included in it.

"In early February, I asked the Harapan government to reveal the 'put option' in the deal but they kept mum about it.

"The EHP stake purchase came with a 'put option' which enables us to resell the 37 percent stake at the original price, together with a yearly interest charge of six percent which will be borne by the Indonesian seller (the Rajawali Group).

"In other words, if we do not wish to proceed with the investment, we can reclaim all the money paid, together with the interest of six percent every year," wrote Najib who is also the former finance minister.

It was reported earlier today that Felda has lodged a police report alleging it was cheated into purchasing a 37 percent stake in EHP for US$505 million (RM2.3 billion) by Najib in 2015.

Felda director-general Othman Omar, who lodged the report, said the EHP purchase was in favour of the Rajawali Group (which owns EHP) and the amount paid to acquire the stake was 344 percent more than its actual value of US$114 million.

The land development agency had incurred losses of about RM1.576 billion due to the purchase, Othman had alleged.

Najib, however, today said the purchase still stood to enjoy profits if the price of palm oil improves.

"The rakyat's money is still protected and we will not suffer losses. This proves that Harapan's claim that Felda will lose out from the Eagle High purchase is just slander.

"Enough with cheating the rakyat with propaganda to attack me.

"Just divulge the deal and admit that the reason for Felda's huge losses is the fall in palm oil prices after GE14."