Friday 29 Mar 2024
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KUALA LUMPUR (Aug 16): Felda Global Ventures Holdings Bhd (FGV) rose as much as 10 sen or 6% after the Malaysian Anti-Corruption Commission (MACC)
arrested former Federal Land Development Authority (Felda) chairman Tan Sri Mohd Isa Abdul Samad yesterday to facilitate investigations on Felda Investment Corp Sdn Bhd's (FIC) hotel purchases.

Felda wholly-owns FIC. The Edge Financial Daily (Edge FD) reported today that between 2014 and 2015, FIC was alleged to have purchased two luxury hotels — Park City Grand Plaza in Kensington, London, and Merdeka Palace Hotel & Suites in Kuching, Sarawak at inflated prices.

At Bursa Malaysia today, FGV shares rose to their highest so far at RM1.67 before paring gains at RM1.64 at 10am. FGV saw some 11 million shares traded, making the stock the sixth most-active across the bourse.

Edge FD quoted MACC deputy chief commissioner of operations Datuk Azam Baki as saying the arrest was a follow-up to the statements Mohd Isa gave to the anti-graft agency’s officers previously. “MACC is confident that it has a strong basis to make the arrest to facilitate the completion of investigations into the case,” Azam said when contacted.

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