Fgv Board Files Police Report For Cbt Against Former Bosses

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Former FGV CEO Zakaria Arshad and former chief financial officer Ahmad Tifli Mohd Talha.PETALING JAYA: FGV Holdings Bhd (FGV) has filed a police report for criminal breach of trust against former group president and CEO Zakaria Arshad and former chief financial officer Ahmad Tifli Mohd Talha
FGV chief auditor Zalily Mohamed Zaman Khan said this involved the provision of credit facilities to clients of Delima Oil Products Sdn Bhd without the evaluation, collateral or security required from the letter of credit
This resulted in overdue payments involving Chengdu Azonda International Trading Co Ltd worth RM8,081,855, Safitex General Trading LLC (US$11,700,000), Quantum Orient Holdings Sdn Bhd (RM15,150,557), Intisari Mulia International Inc (RM3,368,929), Matrix Integrated Services Sdn Bhd (RM74,888) and RDC International Pte Ltd (US$344,145)
“Both Zakaria and Tifli clearly failed and/or ignored to uphold and/or protect the interests of FGV and/or Delima. Moreover, there was no commercial basis for their actions which shows that they were careless and acted very suspiciously
“This has raised suspicions that they have caused wrongful losses to FGV and Delima and/or with elements of bribery, kickbacks and/or criminal breach of trust
“FGV faces a loss of more than RM75 million as a result of their actions,” Zalily said in the report sighted by FMT
She said Zakaria’s faults included criminal breach of trust involving advertising and promotion funds worth US$1 million to Azonda and the giving of free samples worth RM421,704 without basis to the same company
She said a police report was lodged in August last year on the advertising and promotion funds
She also said Zakaria had failed to protect the interests of Delima in its transactions with foreign clients by intentionally giving credit facilities without any evaluation, collateral or security required
She said Tifli meanwhile failed to protect the interests of Delima in its transactions with Safitex, Quantum, Matrix, RDC and Azonda
“He ignored the letter of credit’s requirements set under FGV’s financial group policy for the sale of exports to them
“He also approved open credit allocations (without collateral or security) to Azonda although no credit evaluation assessments were done on Azonda,” she said
Zakaria served as FGV’s group president and CEO from April 1, 2016 to Sept 18, 2018. He was also a director at Delima from Jan 1, 2016 to Sept 18, 2018
Tifli was the company’s CFO from Jan 1, 2018 to Oct 12, 2018. - FMT

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