FGV serves show-cause letters on its CEO and CFO

(The Star) – Felda Global Ventures Holdings Bhd (FGV) has served show-cause letters on its group president/chief executive officer Datuk Zakaria Arshad and group chief financial officer Ahmad Tifli Mohd Talha on the long outstanding debt of Afghan firm Safitex Trading LLC with FGV’s subsidiary Delima Oil Products Sdn Bhd.

In a filing with Bursa Malaysia, FGV said they had been given seven days from today (Tuesday) to provide a written reply pertaining to the allegations mentioned in the show-cause letters.

It also said Zakaria and Ahmad Tifli, who were given leave of absence since Tuesday last week, would continue to be on leave of absence until further notice from the board.

Last week, FGV chairman Tan Sri Isa Samad said Zakaria would be issued a show-cause letter over the company’s dealings with Safitex after internal investigations were completed.

He said Zakaria’s fate in the company, to be decided by the board of directors, would depend on his reply to the letter.