FGV confirms forensic probe of Turkey subsidiary

PETALING JAYA: Felda Global Ventures Holdings Bhd (FGV), which posted dismal results, confirmed that the group has initiated a forensic investigation in its subsidiary in Turkey to determine if there is an incidence of fraud.
In response to Bursa Malaysia’s query, the plantation firm said it had detected some RM57 million in unusual stock losses in Felda Iffco Gida Sanayi, a subsidiary of Felda Iffco Sdn Bhd, which in turn a 50%-50% joint venture company of FGV.
“Subsequent to this, the board of Felda Iffco Gida Sanayi commissioned a forensic investigation to determine, amongst others, whether the unusual stock losses is due to fraud,” it said.
FGV noted that pending the completion of the forensic investigation, it is not in a position to comment further on this matter.
“The board of Felda Iffco Gida Sanayi will deliberate on the result of the forensic investigation and if there are material developments, FGV shall make another announcement,” it said.
On Tuesday, FGV announced that the widened net loss of RM94.87 million recorded in the third quarter ended was due to significant losses at one of its jointly controlled entities.
FGV shares fell 14 sen or 8.28% to close at RM1.55 yesterday on some 86.51 million shares done.