Zakaria quits as FGV president/CEO

PETALING JAYA: FGV Holdings Bhd group president and CEO Datuk Zakaria Arshad has resigned a day before a deadline for him to respond to a notice of inquiry by the group's board of directors.
In a farewell note to his colleagues sighted by SunBiz, Zakaria said his decision was motivated by putting FGV's interest before his own.
"I made this decision after thinking through for the benefit of all parties as well as for the future of FGV. Despite this heavy feeling, I am putting FGV's interests over mine. I've been with this organisation for the past 35 years and I've always wanted to see the FGV group succeed and be the nation's pride," he penned, explaining that the company was already in serious trouble when he took over and that his attempts to mend the problems were met with obstacles from various angles.
"I hope this predicament will soon be solved with the leadership of the chairman and the board," Zakaria said.
In a filing with Bursa Malaysia yesterday, the group said the forensic investigation announced earlier will continue and is expected to be concluded by year-end.
"FGV will continue its business as usual. As announced earlier the Special Board Committee 2 comprising four FGV directors, namely its chairman Datuk Wira Azhar Abdul Hamid, Datuk Dr Salmiah Ahmad, Dr Mohamed Nazeeb P. Alithambi and Datin Hoi Lai Ping, shall continue to perform the functions of the group president and CEO of FGV," it said.
Interestingly enough, the announcement on Zakaria's resignation states that there are no disagreements between Zakaria and the board of directors, nor are there any matters that need to be brought to the attention of shareholders. This is despite Zakaria's suspension from his duties last week following a notice of inquiry issued to him, with the conclusion of internal investigations into 10 critical issues, said to have resulted in financial loss for the group and its shareholders.
SunBiz reported last week that Zakaria received the notice of inquiry on Sept 13 and was given until today to respond.