Felda Global Ventures CEO, CFO to face domestic inquiry panel

PETALING JAYA: The cases of Felda Global Ventures Holdings Bhd (FGV) group president/CEO and group CFO will be referred to a domestic inquiry panel, which has been established by the board of directors.
In a filing with Bursa Malaysia yesterday, FGV said the board has established an appropriate panel from within the FGV group, which does not include any of its directors.
“During the domestic inquiry process, the board will not comment on and/or interfere with the process. The board shall only provide the necessary announcement when the panel has presented its findings to the board and a resolution has been reached,” it said.
The process is expected to take about two months. The decision was made after the board evaluated and considered the two individuals’ replies to their show-cause letters.
The board also sent a note of caution to group president/CEO Datuk Zakaria Arshad to remind him that during his leave of absence, he is still an employee of FGV and is governed by the company’s code of business conduct and ethics for employees.
The code of conduct prohibits him from behaving in an “immoral, unethical or irresponsible manner” which may or have tarnished the group’s reputation or the reputation of any of the group’s employees and display insubordination or disobey instructions received from superiors.
FGV shares closed one sen higher at RM1.72 yesterday, with 5.75 million shares changing hands. This gives the world’s largest palm oil producer a market capitalisation of RM6.2 billion.