FGV insists not involved in conspiracy against Zakaria

Zakaria-Arshad_felda_600fgvKUALA LUMPUR: Felda Global Ventures Holdings Bhd (FGV) has reiterated that it was not involved in any conspiracy or personal agenda in conducting an internal investigation (domestic inquiry) process on Zakaria Arshad and three other senior management staff.

In a statement today, FGV said the investigation was considered a fiduciary responsibility of the board in order to discharge its duty of care to the listed company and its shareholders.

“FGV, which is committed to good corporate governance practices, will ensure that the domestic inquiry is conducted in a fair and just manner. The said domestic inquiry will focus on the Safitex debt issues,” it said.

As per an official press statement from the Prime Minister’s Office dated June 19, FGV said, Idris Jala’s report has confirmed that there were sufficient facts and reasonable grounds warranting the FGV board to initiate disciplinary proceedings against its chief executive officer, chief financial officer and two other senior management officials in relation to alleged breach of procedures.

“The accusation that the FGV board was harbouring a personal agenda to bring down a senior member of management is unwarranted.

“If these accusations continue, they may derail FGV’s focus on core business improvement plans, value creation and the Board’s execution of its fiduciary duties as expected by all stakeholders and shareholders,” it added.

At this point in time, the group said, the decision made so far was to allow Zakaria and three other senior management staff to take leave of absence with full pay and benefits.