Ex-FIC CEO claims trial over alleged deception of board in FELDA land deal

Former Felda Investment CEO Zaid Abdul Jalil was charged in a Malaysian court on September 29 with two counts of deceiving the company's board over an RM500 million land deal in 2014. Zaid, 56, pleaded not guilty to both charges and claimed trial. The first count alleges that he misled the board into believing a company was qualified to be the project's master developer when it was only eligible to serve as a master planner.

The second count claims that he misrepresented the commercial valuation of 24 lots of Felda land, falsely stating the value was RM330.96 million when it was actually RM691.7 million. Both charges, under Section 417 of the Penal Code, carry a maximum penalty of five years' imprisonment, a fine, or both. Deputy Public Prosecutor Radzi Shah Razak requested RM50,000 bail with conditions, while defence counsel Shahrullah Khan sought a reduced bail of RM10,000 per charge, citing his client's financial situation.

The court granted bail at RM60,000 with one surety and ordered Zaid to surrender his passport, reporting monthly to the Malaysian Anti-Corruption Commission. The next court appearance is set for October 29.