FGV up 3 sen this morning after CEO calls it quits

PETALING JAYA: FGV Holdings Bhd’s shares rose as much as 1.98% or 3 sen to RM1.54 this morning on news of the resignation of its CEO Datuk Zakaria Arshad, who was already under suspension.

At 10.56am, the stock was trading at RM1.52 with 456,500 shares done.

Zakaria called it quits a day before a deadline for him to respond to a notice of inquiry by the group’s board of directors.

In a farewell note to his colleagues sighted by SunBiz, Zakaria said his decision was motivated by putting FGV’s interest before his own.

“I made this decision after thinking through for the benefit of all parties as well as for the future of FGV. Despite this heavy feeling, I am putting FGV’s interests over mine. I’ve been with this organisation for the past 35 years and I’ve always wanted to see the FGV group succeed and be the nation’s pride,” he penned, explaining that the company was already in serious trouble when he took over and that his attempts to mend the problems were met with obstacles from various angles.

“I hope this predicament will soon be solved with the leadership of the chairman and the board,” Zakaria said.

In a filing with Bursa yesterday, the group said the forensic investigation announced earlier will continue and is expected to be concluded by year-end.

SunBiz reported last week that Zakaria received the notice of inquiry on Sept 13 and was given until today to respond.

Source: The Sun Daily

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