FGV's Zakaria suspended from duties

KUALA LUMPUR: Datuk Zakaria Arshad has been suspended from his posts as group president and chief executive officer of FGV Holdings Bhd effective today.

In an announcement to the stock exchange, FGV said a notice of inquiry had been issued to Zakaria following the conclusion of internal investigations into 10 critical issues that had resulted in financial loss for the company and its shareholders.

"Following the Notice of Inquiry, the GP/CEO's powers and authorities vested in him as the GP/CEO of FGV have been suspended commencing from 13th September, 2018, pending further notification by the Board," it said.

According to the filing, FGV will continue its business as usual with a Special Board Committee comprising four directors to perform the functions of the group president and CEO. 

The committee members are FGV's chairman Datuk Wira Azhar Abdul Hamid, Datuk Dr Salmiah Ahmad, Dr Mohamed Nazeeb P.Alithambi and Datin Hoi Lai Ping.

FGV had earlier announced that the Ministry of Finance had withdrawn its nomination of Zakaria as a government-appointed director on the board. 

In light of Zakaria's suspension, FGV has requested a suspension in trading of its shares on Bursa Malaysia until market close on Thursday. The stock last traded up five sen or 3.36% to RM1.54 a share on the back of  4.2 million shares done.