CEO, CFO get show-cause letter

PETALING JAYA: Felda Global Ventures Holdings Bhd's (FGV) board of directors has issued and served show-cause letters on the group president / CEO Datuk Zakaria Arshad and group CFO Ahmad Tifli Mohd Talha in relation to the long outstanding debt of Safitex Trading LLC.

In a filing with Bursa Malaysia yesterday, FGV said the CEO and CFO have been given seven days to provide a written reply pertaining to the allegations mentioned in the show-cause letters.

It also said the two individuals will continue to be on leave of absence until further notice from the board.

Last Tuesday, both Zakaria and Ahmad Tifli were forced to take leave of absence and were relieved of all duties indefinitely, pending a probe on alleged discrepancies in relation to dealings between Safitex and FGV's subsidiary Delima Oil Products Sdn Bhd (DOP).

FGV Trading CEO Ahmad Salman Omar and DOP senior general manager Kamarzaman Abd Karim were also put on leave of absence.

Chairman Tan Sri Mohd Isa Abdul Samad told reporters at a press conference last week that the board will consider Zakaria's response to the show-cause letter before making any decision.