Report: FGV’s plan to sell stake to Indonesian tycoons on hold

FGV has referred the cases of suspended group president Datuk Zakaria Arshad and group chief financial officer Ahmad Tifli Mohd Talha to a domestic inquiry panel.

KUALA LUMPUR: Talks to sell stakes in Felda Global Ventures Holdings Bhd (FGV) to two Indonesian billionaires have been suspended due to a management crisis at the world’s third biggest palm plantation group, sources close to the deal said.

Martua Sitorus and Peter Sondakh, two of Indonesia’s richest men, were in advanced discussions with FGV and its controlling shareholder, Malaysian state-owned palm planter Federal Land Development Authority (Felda), to buy the equity stakes, the sources said.