“The board has established an appropriate panel from within FGV Group. The members will not comprise any of the FGV Directors”
KUALA LUMPUR: The Felda Global Ventures Holdings Bhd’s (FGV) board of directors has decided to refer Group President/ Chief Executive Officer Datuk Zakaria Arshad and Group Chief Financial Officer, Ahmad Tifli Mohd Talha to a Domestic Inquiry Panel.
The decision was taken after evaluating and considering their show-cause letters with regards to issues related to the long-outstanding debt of Safitex Trading LLC to FGV subsidiary, Delima Oil Products Sdn Bhd.
Both Zakaria and Ahmad Tifli are currently on a leave of absence.
“The board has established an appropriate panel from within FGV Group. The members will not comprise any of the FGV Directors,” it said in a filing to Bursa Malaysia here, today.
FGV also said during the domestic inquiry process, the board will not comment and/or interfere with it.
“The board shall only provide the necessary announcement when the panel has presented its findings to it and a resolution has been reached. This process is expected to take about two months,” it added.
FGV said the board had also resolved to send a note of caution to Zakaria to remind him that during his leave of absence, he is still an employee of FGV and governed by the company’s code of business conduct and ethics for employees.