FGV waiting on lawyers to finalise recommendations

The board is investigating six matters on FGV

KUALA LUMPUR: Felda Global Ventures (FGV) Holdings Bhd is expected to narrow down its investigations by year end.

Speaking at a press conference, FGV chairman Datuk Wira Azhar Abdul Hamid said the group is currently waiting for its lawyers to finalise their recommendations and advice. 

“The legal advice report will be out in a couple of weeks. As far as FGV is concerned, the only legal recourse that we have is civil.

“We can only take civil action — claim for damages or loss. It is up to the relevant government authorities to see if they want to proceed with any other action,” he said.

Apart from the legal proceedings, Azhar said it is more important for the group to focus on the turnaround plan, one aspect of which was to make sure that values are enhanced within the group.

“We cannot just be focused on taking action - what about the future of the group?

“The group needs to be taken care of, value needs to be generated, efficiency and effectiveness of our operations need to be enhanced, and good financial results need to be generated.

“This not going to happen overnight, but it is not going to be too long before it happens. The board and management remains quite committed to this (turnaround plan),” added Azhar.

There was no timeline target for the group to complete its turnaround plan.

Azhar commented that he has two years to go before the end of his three-year tenure.

“I don’t have much time. We don’t want to implement a hasty timeline as we may need more time than required. We hope it won’t be too long - the faster we do this the better,” he said.