FGV management begins forensic investigations into past investments

May 16, 2018 | By | Reply More

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PETALING JAYA: Felda Global Ventures Holdings Bhd’s management has begun forensic investigations into investments made by the group in FGV Cambridge Nanosystems Ltd, the acquisition of Asian Plantations Ltd and the purchase of Troika apartments near the Kuala Lumpur City Centre.

According to the group, in October last year, upon the instructions of its board of directors, FGV conducted preliminary internal investigations into the past investments.

Upon the conclusion of the internal investigations, the board instructed management to commence forensic investigations.

The group went on to say that it is guided by and committed to the highest principles of corporate governance and will take all necessary steps to safeguard FGV’s interests.

It also promised that when the forensic investigations are completed, the board will take all necessary actions in a transparent manner. In the event of any material developments, FGV shall make the relevant announcements in accordance with the Main Market Listing Requirements of Bursa Malaysia Securities Bhd.

Investigations into Safitex General Trading LLC were concluded in September, 2017 and there is no plan to revisit the investigations. FGV had, on March 30, made a Bursa announcement in respect of the commencement of litigation against Safitex General Trading LLC in Dubai Court of First Instance.

It was reported that FGV Cambridge Nanosystems Ltd, a company producing high-grade carbon nanotubes and graphene which FGV invested into in 2013, had lost RM117 million over the past three to four years, and needed another £100 million (RM534.7 million) for expansion.

Asian Plantations however, FGV purchased for RM628 million in October 2014, and assumed RM388 million in liabilities.

The group’s share price was up two sen to close at RM1.89 with some 15.2 million shares changing hands today.

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