FGV refutes Zakaria Arshad's claims on FGV CNS

The proposed development of Felda Cambridge Nanosystems Ltd (FGV CNS), a carbon nano company, never presented to the board.

Board Executive Committee Chairman of the FGV, Datuk Dr Omar Salim said FGV CNS also never suffered a loss of RM117 million as claimed.

In fact, Omar told the company posted losses from 2014 to April 2017 was RM27.5 million.

Felda Chief Executive Officer (FGV) Datuk Zakaria Arshad earlier said he tried to stop hundreds of millions of investment made by the company's board, which he described as absurd.

Planning to acquire a 30 percent stake creamer factory has not been approved by the investment committee due to the growth of collaboration.

FGV took over CNS FGV in December 2013.

FGV CNS

On Thursday, Malaysian Anti Corruption Commission took eight hours on Thursday to collect the documents at the office of Zakaria at Menara Felda building regarding the issue of payment to a subsidiary company. On Wednesday, Zakaria gave his statement on several business transactions by the company's subsidiary, Delima Oil Products Sdn Bhd. On June 6, Zakaria and FGV Group chief financial officer Ahmad Tifli Mohd Talha, Delima Oil Products Sdn Bhd senior general manager Kamarzaman Karim, and FGV Trading CEO Ahmad Salman Omar were ordered to go on leave with immediate effect. FGV has notified Bursa Malaysia that Zakaria is on leave while an investigation into a number of transactions undertaken by its subsidiary, Delima Oil Products Sdn Bhd was carried out.