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Malaysia picks former minister to probe suspension of Felda Global's CEO, CFO
June 7, 2017 / 3:26 AM / 6 months ago

Malaysia picks former minister to probe suspension of Felda Global's CEO, CFO

KUALA LUMPUR (Reuters) - The Malaysian government has appointed Idris Jala, a former cabinet minister, to look into Felda Global Venture Holdings’ suspension of two of its top executives, state news agency Bernama reported on Wednesday.

The government has appointed Idris to “establish the facts of the case and recommend the way forward” regarding FGV’s decision to suspend its chief executive office, chief financial officer and two other directors, Bernama reported, citing a statement from the prime minister’s office.

The board of FGV, the world’s third-largest palm oil plantation operator, suspended its CEO and CFO on Tuesday as it investigates transactions at a subsidiary. The management crisis deepened on Wednesday with the national anti-graft agency saying it will soon investigate several company officials for alleged corruption and abuse of power.

Idris, who served as a minister in the prime minister’s department, is known as a turnaround specialist in Malaysia. As chief executive of Malaysia Airlines in 2006, he returned the national carrier to profitability by cutting costs and thousands of jobs.

Reporting by A. Ananthalakshmi; Editing by Christian Schmollinger

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