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: The board of directors of Felda Global Ventures Holdings Bhd (FGV) has referred the cases of suspended group president and CEO Datuk Zakaria Arshad and group chief financial officer Ahmad Tifli Mohd Talha to a domestic inquiry panel.
FGV said in a statement to Bursa Malaysia on Monday the board made the decision after evaluating and considering both of their replies to the show-cause letters and the process was expected to take about two months.
“The board has established an appropriate panel from within FGV Group whereby the members of the Panel shall not consist any of FGV directors,” it said.
FGV also said during the domestic inquiry process, the board would not comment and/or interfere with the process.
“The board shall only provide the necessary announcement when the panel has presented its findings to the board and a resolution has been reached. This process is expected to take approximately two months.
“The board has resolved to send a note of caution to the group president/CEO to remind him that during his leave of absence, he is still an employee of FGV and governed by the company’s code of business conduct and ethics for employees which prohibits him from behaving in an immoral, unethical or irresponsible manner which may or have tarnish(ed) the group’s reputation or the reputation of any of the group’s employees and displaying insubordination or disobeying instructions received from superiors,” it said.
Last Thursday, Zakaria submitted his reply to a show-cause letter, meeting the FGV board's deadline.
Zakaria’s explanation to the show-cause letter comes after his request for two extensions were granted by FGV’s board of directors.
FGV had then said it would evaluate the explanations of Zakaria and Ahmad Tifli and undertake the necessary due process to conclude the matter related to the long-outstanding debt of Safitex Trading LLC with FGV’s subsidiary Delima Oil Products Sdn Bhd.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
