Felda restructuring showing results, chairman says

A Felda signage at the Felda headquarters in Kuala Lumpur June 8, 2017. — Reuters pic
A Felda signage at the Felda headquarters in Kuala Lumpur June 8, 2017. — Reuters pic

KUALA LUMPUR, January 12 — The Federal Land Development Authority’s (Felda) restructuring has shown some improvements with each subsidiary currently being led by a different chairman to ensure smooth operations, its Chairman, Tan Sri Shahrir Samad said.

He said this would avoid confusion in terms of division of tasks.

“As a government agency, Felda has its own chairman and board members. On the other hand, Felda Global Ventures Holdings Bhd, as a business entity, has a different chairman and members on the board of directors,” he told Bernama in an exclusive interview here today.

Shahrir also said Felda and its subsidiaries had no problem in getting the right experts relating to the management of the statutory body.

On the ongoing forensic audit on the Kuala Lumpur Vertical City project in Jalan Semarak here, developed by Synergy Promenade Sdn Bhd, he said Felda welcomed the move as it would further ensure there were no more discrepancies within it.

The forensic team will continue its investigations next week, he said.

The external audit firm appointed by the Prime Minister’s Department will conduct forensic audits on all project activities and decisions, including internal administrative weaknesses or oversights by Felda or its investment arm, Felda Investment Corporation Sdn Bhd.

It was reported that the audit firm's investigation also involves the Kuala Lumpur Federal Territory Land and Mines Office and Kuala Lumpur City Hall, and Felda was at risk of losing ownership of the piece of land worth more than RM200 million following what had been described as a “dubious deal” in 2015. — Bernama

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