AZHAR BRUSHES ASIDE MARKET TALK

He says no discussion on taking up CEO post at FGV but will consider if asked

DATUK Azhar Abdul Hamid, who resigned as managing director of Malakoff Corp Bhd on Tuesday, has dismissed rumours that he is tipped to replace Datuk Zakaria Arshad as chief executive offer (CEO) of Felda Global Ventures Holdings Bhd (FGV).

But he said he would consider helping FGV if asked.

“This is actually market talk. I have not had any discussion on this to date. My departure from Malakoff followed my decision to resign from Tradewinds (M) Bhd.

“My immediate plans are to continue serving on listed boards and do some travelling after Hari Raya,” he told NST Business yesterday.

“However, if I am asked to help, I will consider it as this concerns the welfare of Federal Land Development Authority (Felda) settlers and Felda group,” he added.

Felda is a substantial shareholder of FGV.

In a statement to Bursa Malaysia on Tuesday, Malakoff said Azhar’s departure was due to personal and professional reasons.

Azhar, 56, was appointed Malakoff group managing director on May 1 last year.

An industry source said it was uncertain whether Azhar could turn around FGV if he were to replace Zakaria.

“We can only see his potential when we see his plans,” she said, adding that the new CEO would need to gain the support of FGV employees.

“At this moment, Zakaria does not plan to leave. He has hired a lawyer to defend his case,” she said, adding that Zakaria had made improvements to FGV.

The source said continuity was important in carrying out a company’s plans.

“Malaysia has many talents FGV can consider. I do not think there is only one person that can save FGV. In general, the decision should be made by the government,” she added.

Zakaria has been suspended from his duties since June 6, pending investigation into alleged misconduct in business dealings involving Afghan company Safitex Trading LLC and FGV’s subsidiary, Delima Oil Products Sdn Bhd.