KUALA LUMPUR (Nov 28): Felda Global Ventures Holdings Bhd (FGV) fell as much as 10 sen or 6% after the plantation group said it was investigating fraud allegations in its Turkey unit. 

FGV's probe announcement last Wednesday (Nov 23) followed its annnouncement on Tuesday (Nov 22) that third quarter net loss widened to RM94.87 million, from a year earlier.

Today, FGV shares fell to their lowest so far at RM1.46. At 12:30 p.m., the stock settled at RM1.47, for a market value of RM5.4 billion.

It was the third most actively-traded stock on Bursa Malaysia, with some 22 million shares exchanging hands.

Last Wednesday, FGV said investigation of the alleged fraud in Turkey-based Felda Iffco Gida Sanayi was in progress. The probe intended to determine "whether the unusual stock losses" in Felda Iffco Gida Sanayi was due to fraud.

As the investigation was still in progress, FGV said it was not in a position to comment further on the matter. 

The Edge Malaysia business & investment weekly (Edge weekly) in its latest issue (Nov 28 - Dec 4, 2016), reported FGV might register a write off of up to RM300 million in its fourth quarter ending Dec 31, 2016. 

Edge weekly quoted FGV group president and chief executive officer Datuk Zakaria Arshad as saying adjustments at "maybe RM200 million to RM300 million" had been made.