Former CEO of Felda subsidiary remanded 4 days

FIC-FeldaPETALING JAYA: A former Felda Investment Corp (FIC) CEO has been remanded to facilitate investigations into the company’s purchase of a high-end property in London.

Magistrate Nik Isfahanie Tasnim Wan Ab Rahman allowed for the former CEO to be remanded for four days, starting today.

The remand comes barely 24 hours after he was arrested at the Malaysian Anti-Corruption Commission (MACC) headquarters when he showed up to give his statement in connection with the case.

On July 17, MACC raided the FIC office in Kuala Lumpur after it had opened an investigation paper on the Felda subsidiary’s purchase of a hotel in Kensington, London between 2013 and 2015.

The anti-graft agency started investigations over a report that FIC had allegedly paid a much higher price than the original for the property. This, MACC said, had resulted in FIC suffering millions of ringgit in losses.

FIC reportedly acquired the four-star hotel for £60 million (RM330 million) on Dec 16, 2014.

On July 21, two individuals believed to be involved in the purchase were arrested by the anti-graft body.

MACC said the suspects, a 45-year old director of an asset management company and a 36-year old property unit head of another firm, were nabbed at 1pm after presenting themselves at the MACC office to have their statements recorded.

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