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Saturday, June 10, 2017

FGV denies CEO's 'ridiculous deals' allegations

Felda Global Ventures Holdings Berhad's (FGV) board of directors has denied its suspended chief executive officer (CEO) Zakaria Arshad's allegations of “ridiculous deals” related to a £100 million and RM300 million investment respectively.
“(The board) wishes to clarify that the £100 million expansion of FGV Cambridge Nanosystems Ltd (FGV CNS) is not true and was never presented to the board as alleged in the news article as quoted by Zakaria Arshad.
“The RM117 million losses recorded by FGV CNS within the last three to four years is also not true.
“FGV took over FGV CNS in December 2013 and the losses incurred from 2014 to April 2017 was £5 million (RM27.5 million), being a start-up company at products development stage,” said FGV board's executive committee chairperson Omar Salim in a statement today.
The board also denied Zakaria's allegation of a plan to invest RM300 million to acquire a 30 percent stake in a creamer factory.
“Contrary to what was quoted by Zakaria, the plan to invest RM300 million to acquire a 30 percent stake in a creamer factory was never approved by our investment committee (IC) as the accretive value of the venture to FGV and its synergy with FGV’s downstream business could not be ascertained,” said Omar.
Zakaria was abruptly suspended on Tuesday, after he reportedly refused FGV chairperson Isa Abdul Samad's request for him to resign over alleged wrongdoing with regard to payment to a Dubai company.

The CEO in his defence was quoted as saying by The Star he had tried to stop hundreds of millions in investments by the company's board that he described as "ridiculous".
The Malaysian Anti-Corruption Commission (MACC) raided Felda's headquarters on Thursday and seized large amounts of documents the eight-hour operation.
New Straits Times yesterday reported the matter of FGV Cambridge Nanosystems is part of their investigations, which among others, also involve alleged abuse by a top official. - Mkini

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