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Shahrir hints at top-level changes in FGV leadership

 | June 18, 2017

Felda chairman says finance ministry will make an important announcement soon on the matter.


PETALING JAYA: Felda chairman Shahrir Samad has hinted at top-level changes at the troubled Felda Global Venture Holdings Bhd (FGV), Star Online reported today.

He refused to say whether FGV chairman Isa Samad would be affected by the changes.

“Just wait for an important announcement from the special shareholder on this matter.”

The news portal noted that the special shareholder is the finance ministry as FGV is a government-linked company.

“We also hope that our Felda representatives will be appointed into FGV, similar to what had happened in the past,” Shahrir told reporters after presenting aid and breaking fast with residents at Pangsapuri Desa Melayu in Johor Bahru today.

He said FGV was fundamentally strong and its share price should be worth RM2.50 to RM2.60.

He said Felda had no plans to divest its 33.3% stake in FGV.

He said FGV could do well again with good corporate governance and cost-cutting measures.

He said FGV was generating more than RM1 billion annually previously.

“However, since listing FGV, the company has been paying us less than what we earned when Felda was managing the land.”

Recently, the FGV board of directors instructed four senior executives, including group president/CEO Zakaria Arshad and chief financial officer Ahmad Tifli, to go on leave immediately.

The leave of absence was reportedly to facilitate an internal audit to investigate outstanding payments from Safitex Trading to Delima Oil Products, a subsidiary of FGV.

Besides Zakaria and Ahmad Tifli, Delima Oil Products senior general manager Kamarzaman Abd Karim and FGV trading CEO Ahmad Salman Omar were also asked to take a leave of absence.

On June 7, the Prime Minister’s Office announced that former minister Idris Jala had been appointed as an independent party to establish the facts of the case and recommend the way forward for FGV.

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