Idris Jala wraps up FGV probe, PM says ‘proper announcement’ later

PUTRAJAYA: Pemandu chief executive Datuk Seri Idris Jala has completed his fact finding mission at Felda Global Ventures (FGV) and has prepared a report on the matter, Prime Minister Datuk Seri Najib Razak said today.

“The report is ready but I want him to look at some of the measures and options,” Najib told reporters here.

He said that Putrajaya will make a “proper announcement” regarding the next step forward for FGV following the issues plaguing the company.

The palm oil giant’s CEO Datuk Zakaria Arshad was suspended last week along with three other company officials by its board pending an internal inquiry into delayed payments owed by an Afghan firm to a FGV subsidiary.

The Malaysian Anti-Corruption Commission is also investigating the matter.

“We are looking at all the facts and we will make the best decision according to the three principles I outlined earlier: company laws, good governance and fair process,” Najib said.

The government had appointed Idris as an independent party to look into the issues at FGV and subsequently determine a way forward for the world’s third-largest palm oil operator.

Zakaria has denied any wrongdoing on the matter and instead, claimed certain improprieties from the board of directors in running the company, which have been rejected by its chairman Tan Sri Isa Samad.

With both Zakaria and Isa refusing to resign, the FGV appears to be in crisis.


Yesterday, the FGV board issued show-cause letters to Zakaria and the company’s group chief financial controller Ahmad Tifli Mohd Talha over alleged irregularities owed by Safitex Trading LLC and Delima Oil Products Sdn Bhd.

Source: The Malay Mail Online

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