Zakaria Arshad back at FGV from Oct 16

Datuk Zakaria Arshad will resume his duties as Felda Global Ventures Holding Berhad’s (FGV) group president/ CEO from Oct 16, after taking a leave of absence since June 6.

In a statement today, the FGV Board stated that the domestic inquiry has been carried out with its findings submitted to the Minister of Finance (Incorporated).

The statement said the latter has made a decision after taking into consideration the ongoing FGV transformation programme and Zakaria's commitment and assurance to resolve the long outstanding debt of Safitex Trading LLC.

Meanwhile, FGV chairman Datuk Azhar Abdul Hamid reiterated his commitment to turn the company around and bring it to greater heights despite its challenges.

"My immediate priorities are to improve operational and financial performance of our core business and ensure sustainable growth going forward.

"Being one of the biggest palm oil plantation companies, FGV must aspire to be the industry leader in terms of productivity and financial returns, so any factors hindering us from achieving these objectives must be addressed immediately," he said in the statement.

Azhar said going forward, there is a need for a new management structure to strengthen the organisation and to provide better focus towards achieving FGV's strategic plans.

The statement added that the FGV Board will also make several related subject matter experts, which it will announce in due course.

In June, Zakaria, FGV group chief financial officer, Ahmad Tifli Mohd Talha and two other senior management officials were told to take a leave of absence pending the domestic inquiry on purported wrongdoings in business dealings between its subsidiary, Delima Oil Products Sdn Bhd, and long-term business partner, the Afghan-based Safitex Trading.