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Saturday, December 24, 2016

Perkasa urges sacking FGV chair Isa amid losses

Perkasa has proposed the sacking of Felda Global Ventures (FGV) chairperson Mohd Isa Abdul Samad, as the company is facing a crisis of confidence among shareholders.
“Perkasa urges the government to review the appointments of the senior management in FVG, including sacking the company’s chairperson if there has been shortcoming that has caused FGV to suffer hundreds of millions in losses,” said Perkasa economic bureau chief Ruhanie Ahmad in a statement.
He added that the Malaysian Anti-Corruption Commission (MACC) should also look into the company.
“Perkasa does not want FGV to give out the same perception of abuse as seen in 1MDB as FGV is held by thousands of shareholders, particularly Malays,” he said.

On Thursday, The Employees Provident Fund (EPF), once a substantial shareholder of FGV, revealed it had disposed of all of its shares in the company.
The apparent lack of confidence by EPF caused FGV shares to slide further to RM1.54 per share, down from its initial public offering retail price of RM4.45 per share.
Ruhanie said the weaknesses in FGV is also impacting Felda settlers, adding that a restructuring of the company should be considered.- Mkini

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