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PETALING JAYA: FGV Holdings Bhd has named its chairman Datuk Wira Azhar Abdul Hamid as the group’s interim CEO and disbanded a special board committee set up to perform the functions of the president and CEO.
According to its bourse filing today, Azhar current role as chairman of the FGV board remains unchanged. He is also chairman of MSM Malaysia Holdings Bhd.
“Azhar’s appointment is as an interim CEO until a new CEO is appointed. This appointment on an interim basis has been concurred by the Minister of Finance (Inc). The Special Board Committee 2, which took over the responsibilities to perform the functions of the group president and CEO since Sept 18 is hereby disbanded,” FGV said.
FGV formed the Special Board Committee 2 comprising four of its directors, which include Azhar, Datuk Dr Salmiah Ahmad, Dr Mohamed Nazeeb and Datin Hoi Lai Ping, in September when it issued a suspension notice to Datuk Zakaria Arshad as the group president and CEO pending an inquiry. Zakaria quit a day shy of a deadline for him to respond to the notice of inquiry.
About a month after Zakaria’s departure, CFO Ahmad Tifli Mohd Talha announced his resignation, to pursue other career opportunities.
Two weeks before Zakaria stepped down, Azhar said in a briefing that several of its board members, including those who have left the group, are being investigated to transactions and investment decision.
According to him, the complete report on a forensic investigation into the group’s business practice, which began in January, is expected to complete by end of this year.
The board undertook internal investigations into open credit lines, poor purchasing trading practices and poor palm oil sales that resulted in bad debts of about RM100 million; direct awards of procurement contracts in breach of best practices; and the critical shortage of workers between May 2016 and April 2018 that resulted in financial losses of more than RM170 million over the period.
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