ISA Samad, who resigned as Felda Global Ventures Holdings Bhd chairman today under a cloud, was “rewarded” with the acting chairman post to the Land Public Transport Commission (SPAD).
“In appreciation of his (Isa’s) services, he has been appointed SPAD acting chairman,” Prime Minister Najib Razak said in Putrajaya today.
SPAD chairman Syed Hamid Albar retired as chairman on June 3.
Najib said: “We discussed the future of FGV and he (Isa) resigned on his own free will.”
Sulaiman Mahbob takes over as FGV acting chairman.
Isa was appointed chairman and non-independent executive director of FGV on January 1, 2011.
However, it was not so good news for FGV’s CEO and group president Zakaria Arshad and three other senior officials, who were suspended a fortnight ago.
The Prime Minister’s Office today released a statement saying that the government and FGV have received Idris Jala’s independent report on the decision to suspend FGV’s CEO, CFO and two other senior management officials.
“Having reviewed the report, both the government and FGV have today accepted the four key findings and way forward as follows,” the Prime Minister’s Office said.
Among them are grounds to investigate Zakaria over alleged breaches of procedures in Delima Oil Products Sdn Bhd, a subsidiary of FGV.
“The DOP case highlights the immediate need for FGV to radically improve its corporate governance and business controls at the group and subsidiary levels,” the PMO said.
The decline in the financial performance of FGV and Felda in the last few years, the PMO said, warrants a comprehensive business review.