Zaid Abdul Jalil claims trial to two charges of deceiving FIC’s board of directors over the 2014 project’s master developer appointment and evaluation.
Former Felda Investment Corporation Sdn Bhd (FIC) CEO Zaid Abdul Jalil pleaded not guilty in the sessions court here after two charges were read before judge Rosli Ahmad.
On the first charge, he is accused of deceiving the FIC board into believing that Synergy Promenade Sdn Bhd was eligible for appointment as the project’s master developer, when he knew the firm was only eligible to be the project’s master planner.
By doing so, he allegedly induced the board to approve Synergy Promenade’s appointment as project master developer. Zaid allegedly committed the offence at Menara Felda on Jan 16, 2014.
He is also charged with deceiving the FIC board into believing that a market value assessment for the commercial development of the 24 lots of Felda land amounted to RM330.96 million, when he knew the actual amount reported by Firdaus & Associates Property Professionals Sdn Bhd was RM691.7 million.
He is also accused of deceiving the FIC board into believing the 24 lots were valued at RM180 million, when he knew the valuation and property services department had never provided such an indicative valuation to FIC.
By doing so, he allegedly induced the FIC board to accept an offer from Synergy Promenade under the proposed minimum guaranteed return of RM500 million or 10% of the gross development value, whichever was higher.
Zaid allegedly committed this offence at Menara Felda on April 29, 2014.
Both charges were framed under Section 417 of the Penal Code for cheating, which is punishable by up to five years’ imprisonment, a fine or both, upon conviction. - FMT
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