FGV pledges transparency over investigations on Asian Plantations acquisition and other investments

May 16, 2018 | By | Reply More

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KUALA LUMPUR: Felda Global Ventures Bhd (FGV) says it will take all necessary actions in a transparent manner when the forensic investigations into several issues are completed.

The issues included FGV’s investments in FGV Cambridge Nanosystems Ltd as well as acquisitions of Asian Plantations Ltd (APL) and Troika apartments near the Kuala Lumpur City Centre (KLCC).

FGV was responding to a news article which reported that, citing sources, its investigations into the issues should be concluded by the end of this month, after which charges will be filed.

The company had appointed lawyers and consultants locally and abroad as part of the probe, as APL was publicly traded on the Alternative Investment Market of the London Stock Exchange, the report added.

“The board is guided by and committed to the highest principles of corporate governance and will take all necessary steps to safeguard FGV’s interests,” FGV said in its filing to Bursa Malaysia.

In October last year, upon the instructions of its board of directors, FGV said it conducted preliminary internal investigations into the past investments in FGV Cambridge Nanosystems, APL and Troika apartments.   

“Upon the conclusion of the internal investigations, the board instructed management to commence forensic investigations,” it said.

“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,” the company added. 

FGV said investigations into Safitex General Trading LLC were concluded in September, 2017 and there was no plan to revisit the investigations.

FGV had, on March 30, 2018, made a Bursa announcement in respect of the commencement of litigation against Safitex General Trading LLC in Dubai Court of First Instance.

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