SUSPENDED Felda Global Venture Holdings Bhd (FGV) chief executive officer Zakaria Arshad and chief financial officer Ahmad Tifli Mohd Talha have been given show-cause letters today.
 
The letters were issued in relation to the “long outstanding debt of Safitex Trading to Delima Oil Products Sdn Bhd” said FGV in a filing to Bursa Malaysia today.
 
“They have 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,” read the corporate announcement.
 
Zakaria, Tifli and two more senior executives were told to go on leave on June 6 pending a probe into alleged improprieties in the Safitex-Delima Oils business transaction.
 
 Shortly after the suspension, FGV chairman Mohd Isa Abdul Samad told reporters that a PricewaterhouseCooper probe into the deal had discovered several irregularities linked to corruption.

A day later, Zakaria turned up at the Malaysia Anti-Corruption Commission(MACC) headquarters in Putrajaya with a stack of documents believed to be regarding FGV transactions.

He spent some six hours at the MACC headquarters.In a media interview, Zakaria alluded to several suspicious deals in FGV including plans to invest £100 million (RM550 million) in Felda Cambridge Nanosystems Ltd (FGV CNS) despite the RM117 million losses it accumulated in the last four years.
 
The FGV board executive committee has denied that the company suffered losses amounting to hundreds of millions of ringgit.
 
MACC officers turned up at the FGV head office on June 8 and stayed more than four hours before leaving with boxes of confiscated files.

MACC deputy commissioner (operations) Azam Baki said today that more than 50 individuals would be hauled up for questioning as the investigation into FGV continued. – June 13, 2017.