FGV issues show-cause letters to CEO, CFO

Felda Global Ventures Holdings Bhd's (FGV) board of directors has issued and served the show-cause letters on the Group President/Chief Executive Officer (CEO), Datuk Zakaria Arshad, and Group Chief Financial Officer, Ahmad Tifli Mohd Talha, relating to the long outstanding debt of Safitex Trading LLC with Delima Oil Products Sdn. Bhd.

In its filing to Bursa Malaysia, FGV said, it the duo had been given seven days from today to provide a written reply pertaining to the allegations mentioned in the show-cause letters and shall continue to be on leave of absence until further notice from the board.

Last week, FGV board of directors has instructed four senior executives, including Zakaria and Ahmad Tifli, to go on leave effective immediately.

The leave of absence was reportedly to facilitate an internal audit to investigate the outstanding payments from Safitex Trading to Delima Oil Products, a subsidiary of FGV.

Beside Zakaria and Ahmad Tifli, two other executives who were also asked to take a leave of absence were Delima Oil Products'' Senior General Manager, Kamarzaman Abd Karim, and FGV Trading CEO, Ahmad Salman Omar. -

BERNAMA