Zakaria resigns from FGV Holdings

  • Corporate News
  • Tuesday, 18 Sep 2018

Interview with FGV CEO Datuk Zakaria Arshad at Menara Felda kl

KUALA LUMPUR: FGV Holdings Bhd has announced the resignation of Datuk Zakaria Arshad as the group president and chief executive officer.

In a filing with Bursa Malaysia on Tuesday the global plantation company said with the resignation, the suspension announced earlier has ended.

“The board wishes to inform that with the resignation of Zakaria, the suspension has ended. The forensic investigation referred in FGV’s statement from the board on August 28 shall continue and is expected to be concluded by this year end,’’ it added.

FGV said it would continue its business as usual. As announced earlier the Special Board Committee 2 comprising of four FGV Directors, namely its chairman Datuk Wira Azhar Abdul Hamid, Datuk Dr Salmiah Ahmad, Dr Mohamed Nazeeb P.Alithambi and Datin Hoi Lai Ping, would continue to perform the functions of the group president and CEO of FGV.

It noted that further announcements shall be made in the event of material developments on this matter. Meanwhile, Zakaria has also resigned as a board member of MSM Malaysia Holdings Bhd.

FGV, in an announcement on September 13, said that Zakaria was suspended from his duties as group president and CEO pending further notification by the board. 

The announcement came a day after the company said that he was was no longer the Minister of Finance Inc’s (MoF Inc) nominee in FGV.

Zakaria’s resignation come hot on the heels of the recent disclosure by FGV chairman that the group’s top management was being investigated for FGV’s poor financial performance. 

Zakaria’s tenure as group president and CEO was initially until March next year. He was suspended earlier in June last year.

Previously, Azhar had said that investigations on the six transactions and/or investment decisions, which began in January this year, are to be “narrowed down” by year-end, as some investigations involved overseas transactions.

Four investigations have been completed and the “findings are adverse”.

These include the acquisition of Asia Plantations Ltd, the investment in FGV Cambridge Nanosystems Ltd, and the acquisition of Troika condominiums near the Kuala Lumpur Twin Towers area.

FGV Holdings shares closed by 4 sen lower or 2.58 % to RM1.51 representing a market capitalisation of RM5.509bil.
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