Thursday 28 Mar 2024
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This article first appeared in The Edge Financial Daily on May 17, 2018

KUALA LUMPUR: Felda Global Ventures Holdings Bhd (FGV) has revealed it is currently conducting forensic investigations into several past investments and acquisitions, after having concluded preliminary internal investigations, it said, confirming a report in The Edge Financial Daily yesterday.

In a Bursa Malaysia filing yesterday, FGV said it would take all necessary actions in a transparent manner once the investigations are concluded.

“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,” it said, adding that it would make relevant announcements in the event of any material developments.

Referring to The Edge Financial Daily’s report yesterday, FGV said the board conducted preliminary internal investigations into several past investments in October last year.

These included the group’s investments in FGV Cambridge Nanosystems Ltd, the acquisition of Asian Plantations Ltd and the purchase of Troika apartments near the Kuala Lumpur City Centre.

The report quoted sources as saying internal investigations should be concluded by the end of this month, following which charges will be filed.

Meanwhile, FGV said the investigations into Afghanistan-based Safitex General Trading LLC were concluded in September last year and that there are no plans to revisit the investigations.

On March 30, it announced that it would commence litigation against Safitex in the Dubai Court of First Instance. FGV shares rose two sen or 1.07% at RM1.89 yesterday, with a market capitalisation of RM6.9 billion.

 

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