Sulaiman Mahbob is acting FGV chairman, Isa Samad goes to SPAD

Felda Global Ventures Holdings Bhd (FGV) director Tan Sri Sulaiman Mahbob will be filling in temporarily as its chairman. — Picture by Yusof Mat Isa
Felda Global Ventures Holdings Bhd (FGV) director Tan Sri Sulaiman Mahbob will be filling in temporarily as its chairman. — Picture by Yusof Mat Isa

KUALA LUMPUR, June 19 — Tan Sri Isa Samad has resigned as Felda Global Ventures Holdings Bhd (FGV) chairman, effective today.

In a filing to Bursa Malaysia today, the plantation company said he had “ceased as government-appointed director to focus on his personal undertakings.”

Isa was appointed chairman and non-independent executive director of FGV on Jan 1, 2011.

The Prime Minister’s Office (PMO) in a separate statement said the government had appointed Tan Sri Sulaiman Mahbob as acting FGV chairman with immediate effect.

“Apart form undertaking the normal role and responsibilities of the Chairman, he will immediately take action to oversee the implementation of the above way forward,” it said.

The PMO also announced that Isa is has been appointed acting chairman of the Land Public Transport Commission (SPAD).

It also said that according to Datuk Seri Idris Jala’s independent report on FGV, the key findings included  sufficient facts and reasonable grounds warranting the FGV Board to initiate disciplinary proceedings against its Chief Executive Officer, Chief Financial Officer and two other senior management officials.

This was in relation to alleged breach of procedures in FGV’s subsidiary, Delima Oil Products Sdn Bhd.

“(Nevertheless), no one is found guilty of any wrongdoing at this juncture unless proven by the impending domestic inquiry,” it added.

The report also recommended FGV set up a “governance quantum leap” team for the company to identify best practices, policies and procedures which would help in terms of an improvement in corporate governance.

Both FGV and the Federal Land Development Authority (Felda) should undergo a comprehensive business review, to position both parties to become successful companies now and in the future.

“Such a review had already started late last year. Both FGV and Felda should continue and complete this work with urgency,” it added.

Meanwhile, FGV in a statement confirmed Isa’s resignation and Sulaiman’s appointment.

“Moving forward, the FGV Board and management will focus its efforts on enhancing corporate governance and improving the financial performance of the FGV Group,” the company said.

Sulaiman, 68, had served the government for over 38 years in various capacities, including holding the position of the Director-General of the Economic Planning Unit, Prime Minister’s Department, Secretary-General of the then Ministry of Domestic Trade and Consumer Affairs, and Under Secretary (Economics) of the Ministry of Finance.

He served as head of the secretariat of the National Economic Action Council (NEAC) d​uring the financial crisis in 1997/1998, when Malaysia implemented the capital control policy.

Sulaiman was then seconded to the Malaysian Institute of Economic Research from 1995-1997 as its Executive Director and also served at the Institute of Integrity Malaysia as its first founding President from 2004 until 2005.

He established several work programmes there to promote a culture of ethics and integrity within the public sector and also in the private sector in line with the government’s National Integrity Plan.

Sulaiman was previously Chairman of the Malaysian Investment Development Authority and the Companies Commission of Malaysia.

As at midday, FGV’s share was nine sen higher at RM1.85 from yesterday’s close of RM1.76 with 16.96 million shares changing hands. — Bernama

* Editor's note: An earlier version of this story carried a wrong picture of Tan Sri Sulaiman Mahbob, which has since been corrected.

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