FGV crisis: Umno Youth wants SC, Bursa to conduct own probe

 

“Umno Youth feels that the SC and Bursa have a big role to play in regulating and monitoring public listed companies’ governance, aside from protecting the interests of public shareholders, especially minority groups”

KUALA LUMPUR: Umno Youth has urged the Securities Commission and Bursa Malaysia to conduct its own investigation to uncover the truth behind the Felda Global Ventures Holdings Bhd (FGV) boardroom tussle.

Umno Youth deputy chief Khairul Azwan Harun, in a statement today, said it was imperative for the two entities to conduct the probe as it concerns the well-being of public shareholders, especially minority groups.

“Umno Youth is of the opinion that the Securities Commission and Bursa Malaysia must carry out an investigation to determine the facts of the case and take immediate action if there are unlawful elements found.

“Umno Youth feels that the SC and Bursa have a big role to play in regulating and monitoring public listed companies’ governance, aside from protecting the interests of public shareholders, especially minority groups,” he said.

He said this in regard to the boardroom spat between FGV chairman Tan Sri Isa Abdul Samad and group president and chief executive officer Datuk Zakaria Arshad.

On June 6, Zakaria and three other senior management staff members were asked to take an indefinite leave of absence, which Isa said was a decision made by the entire FGV board.

The board’s decision came a day after Zakaria was told to resign by Isa following a series of board meetings since May 31, concerning delayed payment owed to Delima Oil Products Sdn Bhd by Safitex Trading LLC, an Afghan company.

Zakaria had denied any wrongdoing and said the arrangement with Safitex was approved and implemented by his predecessor.

Following the spat, Zakaria urged the Malaysian Anti-Corruption Commission (MACC) to probe FGV’s dealings.

Last week the Prime Minister’s Office (PMO) in a statement said Pemandu chief Datuk Seri Idris Jala has been appointed as an independent party to investigate the FGV crisis.

Source: NST

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