Najib wants FGV boardroom tussle resolved before Raya

“Firstly, it (investigation) must comply with the company’s laws. Secondly, it must be in line with good governance, and thirdly, the investigation must go through a fair process”

KOTA TINGGI: The Government wants the boardroom tussle in Felda Global Ventures Holdings Bhd (FGV) to be resolved during the fasting month which ends on June 24.

Prime Minister Datuk Seri Najib Tun Razak said any delay in solving the problem would not be good for the public-listed company.


“The Government is committed to transform FGV into a corporate company with high value in terms of  revenue and shares,” he said in his speech at Felda Bukit Sayong here on Saturday during a breaking of fast programme with over 6,000 settlers.

Najib outlined three main principles to resolve the crisis.

“Firstly, it (investigation) must comply with the company’s laws. Secondly, it must be in line with good governance, and thirdly, the investigation must go through a fair process,” he said.

Najib said the appointment of former Minister in the Prime Minister’s Department, Datuk Seri Idris Jala as an independent party to address the crisis was based on these three principles.

This is also to ensure that the facts that were obtained were accurate, and the government will finally be able to make a decision on the FGV crisis.

Najib, who is also Finance Minister, said it was the government’s desire to see the crisis resolved urgently.

“Once this issue has been settled, our aim is to make FGV a high-value conglomerate, with much bigger revenue than today and share value at a much higher level,” he said.

At present, Najib said he was still discussing with Felda chairman Tan Sri Shahrir Abdul Samad to decide on FGV’s future.

“With the government’s commitment, we will strive so that FGV has an excellent future,” he said.

On June 6, group president and chief executive officer Datuk Zakaria Arshad and three other senior management staff members were asked to take an indefinite leave of absence, which FGV chairman Tan Sri Mohd Isa Abdul Samad said was a decision made by the entire FGV board.

The board’s decision came a day after Zakaria was told to resign by Mohd 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.

Anti-graft officers were at the FGV headquarters in Menara Felda to conduct investigations.

The Government has also appointed former minister in the prime minister’s department, Datuk Seri Idris Jala, to probe the boardroom crisis.

Source: The Star Online

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