FGV con­firms foren­sic probe of Turk­ish sub­sidiary

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA : Felda Global Ven­tures Hold­ings Bhd (FGV), which posted dis­mal re­sults, con­firmed that the group has ini­ti­ated a foren­sic in­ves­ti­ga­tion in its sub­sidiary in Tur­key to de­ter­mine if there is an in­ci­dence of fraud.

In re­sponse to Bursa Malaysia’s query, the plan­ta­tion firm said it had de­tected some RM57 mil­lion in un­usual stock losses in Felda If­fco Gida Sanayi, a sub­sidiary of Felda If­fco Sdn Bhd, which in turn a 50-50% joint ven­ture com­pany of FGV.

“Sub­se­quent to this, the board of Felda If­fco Gida Sanayi com­mis­sioned a foren­sic in­ves­ti­ga­tion to de­ter­mine, amongst oth­ers, whether the un­usual stock losses is due to fraud,” it said.

FGV noted that pend­ing the com­ple­tion of the foren­sic in­ves­ti­ga­tion, it is not in a po­si­tion to com­ment fur­ther on this mat­ter.

“The board of Felda If­fco Gida Sanayi will de­lib­er­ate on the re­sult of the foren­sic in­ves­ti­ga­tion and if there are ma­te­rial de­vel­op­ments, FGV shall make an­other an­nounce­ment,” it said. On Tues­day, FGV an­nounced that the widened net loss of RM94.87 mil­lion recorded in the third quar­ter ended was due to sig­nif­i­cant losses at one of its jointly con­trolled en­ti­ties. FGV shares fell 14 sen or 8.28% to close at RM1.55 yes­ter­day on some 86.51 mil­lion shares done.

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