KUALA LUMPUR: Felda Global Ventures Holdings Berhad (FGV) Board today announced that they have received Datuk Sri Idris Jala’s independent report on the FGV’s Board’s decision and action to suspend its CEO, CFO and two other senior management officials.
In a media release, the company said that it has accepted the four key findings from the independent report today.
“There are sufficient facts and reasonable grounds warranting the FGV Board to initiate disciplinary proceedings against its CEO, CFO and two other senior management officials in relation to alleged breach of procedures in Delima Oil Products Sdn Bhd (DOP), a subsidiary of FGV,” it said.
The company also noted three other findings that FGV needs to radically improve on are its corporate governance and business controls at the Group and subsidiary levels; decline in the financial performance of FGV and Felda in the last few years warrants a comprehensive business review; and uphold the integrity, spirit of impartiality of the on-going inquiry.
The Board also confirmed the resignation of Tan Sri Isa Samad from the chairmanship of Felda Global Ventures Holdings Berhad, its subsidiaries, associates and joint-venture, and has redesignated one of its Boards members, Tan Sri Dr Sulaiman Mahbob, as chairman of FGV effective today.
The company had stated that Isa has resigned to focus on his personal undertakings.
“Moving forward, the FGV Board and management will focus its efforts to enhance corporate governance and improve financial performance of FGVH Group,” the company said.