Isa resigns as FGV chairman, appointed as SPAD acting chairman

Felda Global Ventures Holdings Bhd’s (FGV) Chairman, Tan Sri Mohd Isa Abdul Samad has resigned, effective today.

According to a statement from Prime Minister’s Office today, Isa will be the acting chairman of Land Public Transport Commission (SPAD).

In a filing to Bursa Malaysia today, the plantation company said he has “ceased as his appointment as government-appointed director to focus on his personal undertakings.”

Isa was appointed Chairman and Non-Independent Executive Director of FGV on Jan 1, 2011.

Meanwhile Bernama reported Isa voluntarily relinquished his position as Felda Global Ventures Holdings Bhd (FGV) Chairman, said Prime Minister Datuk Seri Najib Tun Razak.
He also said that Tan Sri Dr Sulaiman Mahbob had been appointed Acting FGV Chairman with immediate effect and Isa had been named acting Chairman of the Land Public Transport Commission (SPAD).
His appointment is also with immediate effect.
Najib said he had earlier met with Isa and former Minister in the Prime Minister’s Department Datuk Seri Idris Jala to discuss in depth FGV’s future and Isa’s role.
“Isa voluntarily agreed to relinquish his position as FGV Chairman. In appreciation of Isa’s role, I agreed to appoint him the acting SPAD Chairman,” he told a media conference after handing over keys to owners of the 1M Public Servants Housing Programme (PPA1M) Selasih, here today.
Najib said internal action would be taken to determine the legal process and through the FGV Inquiry Board on those actions against the FGV Chief Executive Officer Datuk Zakaria Arshad and three other individuals directed to go on leave from June 6.
“This is necessary as it represents the governance principle of a public listed company. The investigation does not mean they are guilty. The FGV Board will make a just decision as soon as possible,” he added.
Other than Zakaria, the others directed to go on leave are the FGV Chief Financial Officer Ahmad Tifli Mohd Talha,  FGV Trading Chief Executive Officer Ahmad Salman Omar and Senior General Manager  Delima Oil Products, Kamarzaman Abd Karim.
With the restructuring, Najib said it reflects the government’s desire to place FGV on a firm footing and ensure a bright future for the company. 
Asked why Sulaiman was named as the acting Chairman, he said : “This is until we make a final decision. We needed a quick change. if a new person is appointed by the board,it will take a while. We want FGV to operate uninterrupted,” he added. 
Sulaiman, 68, was a Independent Non-Executive Director of FGV as well as Chairman of  Telekom Malaysia (TM) and Chairman of the Minority Shareholders Monitoring Group, the Malaysian Institute of Economic Research and Jambatan Kedua Sdn Bhd.
He has vast experience, having served the government for over 38 years in various capacities, including holding the position of Director-General of the Economic Planning Unit, Prime Minister’s Department, Secretary-General of the then Ministry of Domestic Trade and Consumer Affairs and Under Secretary (Economics) of the  Finance Ministry.
The FGV crisis came to the fore when Isa and the board directed Zakaria, Ahmad Tifli, Ahmad Salman and Kamarzaman  to take a leave of absence from June 6. 
Following this, the Malaysian Anti-Corruption Commission (MACC) began investigations into the alleged abuse of power and misappropriation in the public-listed company.
The government appointed Idris as an independent party to look into the crisis at FGV and provide a report.


Wednesday, January 2, 2019

FGV appoints CFO