FGV probing Asian Plantations deal

TheStar Sat, Nov 10, 2018 07:27am - 5 years View Original


THE board of FGV Holdings Bhd is said to be looking into the group’s investment in London-listed Asian Plantations Ltd (APL) that was acquired back in 2014.

Towards this end, key officials of the company, including former directors and management of FGV, have been queried on APL’s hefty price tag of more than RM1.1bil that was approved.

Sources say that the current management of FGV had issued official letters to the previous board members and management team led by former chairman, Tan Sri Isa Samad as well as former group president/CEO Mohd Emir Mavani Abdullah, questioning them on the APL purchase.

“Instead of (the previous board) just rubber stamping, more thorough due dilligence work should have been done prior to making the APL acquisition.

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