Felda investment arm ex-CEO charged with deceiving board of directors

The Special Committee on the Strategic Plan for FELDA Group's Direction 2025-2030 (HTF30) has submitted its interim report on FELDA Group's 2025-2030 strategic direction to Prime Minister Datuk Seri Anwar Ibrahim, clarifying that the committee's role is advisory and does not replace the fiduciary responsibilities of FELDA's board and management.

The HTF30 review covers FELDA's strategic direction, operations, financial position, organizational structure, and governance. Its six meetings with relevant parties, including FELDA, examined the agency's current position and strategic direction. The committee identified governance weaknesses involving the purchase or investment of eight assets, land premiums, land titles, and FELDA land held with state governments.

Additionally, the committee is evaluating the status of FGV Holdings Bhd's delisting, a proposed new business model for FELDA, the proposed New FELDA Model, and the agency's responsibilities towards settlers and future generations. The HTF30 committee, chaired by Datuk Seri Ahmad Fuad Md Ali and co-chaired by Dr. Nungsari Ahmad Radhi, includes representatives from various government agencies and experts in audit and legal fields.

The report follows Prime Minister Anwar Ibrahim's statement earlier this month regarding the legal processes to address FELDA's management and loss issues, while stressing the independent decision-making of relevant institutions on investigations, charges, and punishment. Meanwhile, the Malaysian Anti-Corruption Commission recently recommended governance improvements to FELDA and two of its subsidiaries, including enhanced procurement procedures, internal controls, and measures to address potential conflicts of interest.