Isa resigns from FGV posts

Isa resigns from FGV posts”

KUALA LUMPUR, June 19 (Reuters) - The chairman of Felda Global Ventures Holdings Bhd (FGV) stepped down on Monday, which Malaysia's government said would preserve the integrity of investigations into the firm's CEO and other executives that he had initiated.

The board changes come amid infighting in the company's management following the suspension of senior executives, including President and Chief Executive Zakaria Arshad, earlier this month to facilitate an investigation into one of its subsidiaries' transactions.

The public wrangling at FGV has created political risk for Prime Minister Najib Razak as its parent agency is the Federal Land Development Authority, which was set up during Malaysia's independence to allocate land to farmers, many of whom are now FGV shareholders.

Among them are grounds to investigate Zakaria over alleged breaches of procedures in Delima Oil Products Sdn Bhd, a subsidiary of FGV. Some settlers have expressed concern about the management battle and called for the chairman to step down.

PMO in a separate statement informed that Sulaiman is now the acting Chairman of FGV.

Mr Zakaria denied any wrongdoing and instead accused the FGV board led by Mr Isa of approving ridiculous deals.

The Prime Minister's office said that based on the former cabinet minister's findings, it had made a decision to transfer Isa to a government agency.

"Apart from undertaking the normal roles and responsibilities of the chairman, Sulaiman will immediately take action to oversee the implementation of the above way forward", it said. They have also taken a hit from a 70 percent drop in FGV share prices since its initial public offering in 2012.

Isa is unpopular with some farmer groups - known as settlers - who saw Zakaria, a planter's son, as making progress in improving FGV's performance.

FGV's internal investigation on the procedural irregularities between Delima Oil and Safitex has resulted in show-cause letters issued by FGV's board of directors on Zakaria and the group chief financial officer Ahmad Tifli Mohd Talha.

The statement from the prime minister's office also said the decline in the financial performance of FGV and Felda warranted a comprehensive business review and noted that a review had started late previous year.

Sulaiman, 68, had served the government for over 38 years in various capacities, including holding the position of the Director-General of the Economic Planning Unit, Prime Minister's Department, Secretary-General of the then Ministry of Domestic Trade and Consumer Affairs, and Under Secretary (Economics) of the Ministry of Finance. FGV's shares climbed as much as 6.3% to 1.87 ringgit after the announcement, reaching their highest level since May 30.

Like this



20 June 2017
Backed Forces Launch Attack on ISIL Capital, Raqqa
A USA military official says the offensive against the Islamic State group's de facto capital, Raqqa "will be long and hard ". He warned that the fighting will be "fierce because Daesh [Isil] will die to defend their so-called capital".

20 June 2017
Police say treating Melbourne siege as 'terrorism incident'
Police earlier said they attempted to negotiate with him but Crisp said later he was not aware of any contact with the gunman. He was recognized as a refugee under Australia's humanitarian migration program and later became a citizen.

20 June 2017
Perez to remain Madrid president until 2021
Real Madrid president Florentino Perez declined to speak about Cristiano Ronaldo's transfer situation at a media event Monday. He lifted the Premier League three times along with the Champions League trophy once during his time in England.

20 June 2017
Talks on British exit from European Union begin in Brussels
The move backfired, May lost her Conservative majority in the vote and has been fending off critics of her leadership ever since. Gabriel said. "Now there is a hard , even impossible situation without any clear majorities or negotiating strategy, he added".

20 June 2017
Corcept Therapeutics Incorporated (CORT) Position Lowered by Menta Capital LLC
After posting $0.04 EPS for the previous quarter, Corcept Therapeutics Incorporated's analysts now forecast 50.00 % EPS growth. It is positive, as 31 investors sold VNTV shares while 131 reduced holdings. 46 funds opened positions while 84 raised stakes.

20 June 2017
Stocks within Investor Review: Sinclair Broadcast Group, Inc. (SBGI), GATX Corporation (GATX)
An increasing ROE indicates that a company is improving its ability to make profit without requiring as much capital. While taking a look at financials, we can look at a number of key indicators about Sinclair Broadcast Group , Inc.

20 June 2017
The Other Mom Weighs In On 'Wife Swap' Murders
Laurie swapped with Kathryn Stockdale in 2008, and says when she allowed Jacob and his 3 brothers to have more freedom. She had a strong love of learning and was passionate about her Christian faith, natural health, and organic farming'.

20 June 2017
Lawyer says Trump not under investigation in spite of tweet
Back in the present, the President's mood is fueling the sense of crisis. The scorched-earth approach may have grave political consequences.

20 June 2017
US and Moscow in delicate talks on Syria tensions
Escalating tensions in the region "doesn't help anybody", White House Press Secretary Sean Spicer said Monday. Those attacks led Hizbollah, which is also active in Syria, to threaten U.S. troops.

20 June 2017
English cardinal after mosque attack: 'Repudiate hatred and violence'
The incident is being investigated as an act of terror, according to London police. "One man was pronounced dead at the scene". The attack comes during the Muslim holy month of Ramadan. " Hatred and evil of this kind will never succeed ", May said.