After Isa Samad, FGV CEO also reportedly to be replaced

Felda Global Ventures (FGV) chief executive officer Zakaria Arshad will also reportedly be replaced after Mohd Isa Abdul Samad's departure from the company on Monday.

Azhar Abdul Hamid, who yesterday abruptly resigned as Malakoff Corporation Bhd managing director, is tipped to replace Zakaria, according to The Edge Financial Daily.

Azhar had only served in his position at the water and power producer company for slightly more than a month.

The daily quoted sources as saying that Azhar’s plantations background makes him a suitable replacement.

"The government is looking for an independent, capable and strong individual with deep knowledge in the plantation sector to lead FGV and Azhar seems just the right fit," the source said.

A chartered accountant by training, Azhar was head of business development at Sime Darby Plantation Sdn Bhd and later went on to become the managing director of the company as well as acting president and group CEO of Sime Darby Group's operations until August 2010.

He was the CEO of MRT Corp from 2011 until 2014.

FGV was plunged into crisis after the FGV board, under Mohd Isa, suspended Zakaria and three other executives, accusing them of violating corporate governance rules.

Zakaria countered the board by accusing it of trying to push hundreds of millions of ringgit in "ridiculous investments" which he said he had tried to stop.

Both sides denied the allegations.

Following this, Prime Minister Najib Abdul Razak intervened by appointing former minister Idris Jala to establish the facts of the case.

After Idris completed his report, Mohd Isa announced his resignation.

While Mohd Isa cited personal reasons for his resignation, the move was seen as part of Najib's resolution plan.

Sulaiman Mahbob, who is Telekom Malaysia Bhd chairperson, stepped in as acting chairperson at FGV.

Najib then appointed Mohd Isa as Land Public Transport Commission (Spad) acting chairperson.

The prime minister also announced that disciplinary action against Zakaria and other executives would also proceed, in which they would be allowed to defend themselves.

Zakaria has since hired senior lawyer Muhammad Shafee Abdullah for the inquiry.- Mkini