Investigation Into FGV CEO Zakaria Involves Millions Of Ringgit – Chairman

Investigation Into FGV CEO Zakaria Involves Millions Of Ringgit – Chairman

KUALA LUMPUR, June 6 (Bernama) — The investigation into Felda Global Ventures Holdings Bhd (FGV) Group President and Chief Executive Officer Datuk Zakaria Arshad, who has been told to go on leave, allegedly involved millions of ringgit, its Chairman, Tan Sri Mohd Isa Abdul Samad said.

He said the probe was ongoing following the findings of four investigations conducted by PricewaterhouseCoopers which could not be made public.

However, there is no time frame for the investigation, he added.

“An initial investigation conducted several months ago allegedly discovered possible wrongdoing over business deals with Delima Oil Products Sdn Bhd and Safitex, and the board had asked him (Zakaria) to step down, but he refused,” Isa told a press conference here today.

Zakaria was appointed Chief Executive Officer on April 1 last year.

Mohd Isa said FGV was willing to cooperate with the Malaysian Anti-Corruption Commission (MACC) if it were to conduct on an investigation into its affairs.

FGV has notified Bursa Malaysia that Zakaria is on leave from today, while the investigation into a number of transactions undertaken by its subsidiary, Delima Oil Products Sdn Bhd was carried out.

Besides Zakaria, Group Chief Financial Officer Ahmad Tifli Mohd Talha has also been asked to go on leave following the investigation.

Shares of FGV fell seven sen to RM1.66 at 12.04pm with 27.12 million shares traded before trading was suspended at 12.05 pm. Trading in the shares of company resumed at 2.30pm.