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FGV: No conspiracy in probe on CEO, three others

  • Nation
  • Saturday, 22 Jul 2017

KUALA LUMPUR: Felda Global Ventures Holdings Bhd (FGV) has reiterated that it was not involved in any conspiracy or personal agenda in conducting the internal inquiry on Datuk Zakaria Arshad and three senior management staff.

In a statement on Saturday, FGV said the investigation was considered a fiduciary responsibility of the board in order to discharge its duty of care to the listed company and its shareholders.

"FGV, which is committed to good corporate governance practices, will ensure that the domestic inquiry is conducted in a fair and just manner. The domestic inquiry will focus on the Safitex debt issues," it said.

As per the official press statement by the Prime Minister's Office dated June 19, FGV said Datuk Seri Idris Jala's report confirmed that there were sufficient facts and reasonable grounds warranting the board to initiate disciplinary proceedings against its Chief Executive Officer, Chief Financial Officer and two senior management officials in relation to alleged breach of procedures.

"The accusation of linking the FGV board harbouring a personal agenda to bring down a senior member of management is unwarranted.

"If these accusations continue, they may derail FGV's focus on core business improvement plans, value creation and the Board's execution of its fiduciary duties as expected by all stakeholders and shareholders," it added.

The group said the decision made so far was to allow Zakaria and the three senior staff to take leaves of absence with full pay and benefits. - Bernama


Related stories:

Probe on FGV group CEO to be completed Aug 14

FGV refers CEO, CFO to inquiry panel

Idris Jala completes FGV mission, submits report to Govt


FGV , Felda , Zakaria Arshad , CEO , CFO , Felda Global Ventures