Former Felda Investment CEO charged with cheating board over RM500m Jalan Semarak land deal
KUALA LUMPUR, Sept 29 — A former chief executive officer of Felda Investment Corporation Sdn Bhd (FIC) was charged...
Former Felda Investment CEO Zaid Abdul Jalil has been charged with deceiving the company's board over a RM500 million land deal in 2014. Zaid is accused of misleading the board into believing that Synergy Promenade Sdn Bhd was qualified to be the project's master developer, despite knowing that the company was only eligible to serve as the master planner.
He also allegedly misrepresented the commercial valuation of 24 lots of Felda land, inducing the board to accept an offer featuring a proposed minimum guaranteed return of RM500 million. Zaid pleaded not guilty to both charges and was granted bail at RM60,000 with one surety. The case will be heard again on October 29.
Brief written by urgent.news from Malay Mail's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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