Forensic investigations in progress, FGV confirms

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KUALA LUMPUR (May 16): Felda Global Ventures Holdings Bhd (FGV) revealed that it is in the midst of conducting forensic investigations into several past investments and acquisitions, having concluded preliminary internal investigations, it says today.

In a stock exchange announcement by the group today, the group said that 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 a report in The Edge Financial Daily today, FGV said that the board had conducted preliminary internal investigations into several past investments in October last year.

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

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

Meanwhile, FGV said that the investigations in Afghan-based Safitex General Trading LLC had been concluded in September last year and that there were no plans to revisit the investigations. March 30, it had announced that it would commence litigation against Safitex in the Dubai Court of First Instance.

Shares in FGV rose 2 sen or 1.07% to close at RM1.89 today, giving the group a market capitalisation of RM6.9 billion.