Tai-chi-ing Ph.D, Piggy & Piracy

FGV first AGM 26 June 2013

FGV first AGM 26 June 2013

FELDA Global Ventures Holdings (FGV) Bhd held their AGM this morning. Several prickly issues raised in the bloggosphere for public consumption were brought up against the Board for clarification.

It must be noted that FGV Chairman Tan Sri Isa Samad performed brilliantly, doing what the fictitious British civil servant Sir Humphrey Appleby do best; addressing to questions and queries without giving an actual answer and explanation.

One of the shareholders Kamaluddin Singah raised the three prickly issues related to incoming FGV CEO Pradeeb Kumar n.k.a. Emir Mavani very boldly;

1. Pradeeb Kumar n.k.a. Emir Mavani doubtful Ph.D in ‘Government Reforms’ from Warnborough University.
2. The discount given on the 50,000 tons sale of RBD Palm Olein to pig rearing company of Kunming, China Yunnan Huijia Co. Ltd.
3. The acquisition of 11,500 hectares of land in Papua New Guinea at exorbitant prices.

In summing things simply, Isa Tai-Chi-ed all these prickly questions in defense of Mavani.

On the unaccredited Ph.D, Isa said “When he did this course, he was working overseas and didn’t know that one day he will work in Malaysia, to face if there would be questions raised”.

On the sale to Yunnan Huijia, “We sell oil to anyone”. However, he conveniently avoided to explain on the USD 20 per ton discount given.

On the acquisition of the plantation and lopsided deal that is not beneficial to FGV, Isa coyly said “We will investigate whether or not is is done in accordance to the procedures set”. This is a very serious matter as one of the Invest Committee member volunteered to act the middle person on the deal.

What Isa said basically implying that it is alright to earn unaccredited qualifications, especially when one is abroad even though one day one eventually would want to come back and work here.

It is no mystery why Isa had to be defensive about Mavani; it was his own choice of ‘approved board member’ to be featured to replace FGV Group CEO Tan Sri Sabri. Isa had personal quest to oust Sabri from FGV late last year.

What is baffling is that Isa’s poor attempt  treating shareholders as if they are ignorant of these irregularities within FGV, considering that FGV is now a public listed MNC. All of that Humprhrey Appleby drama was done infront of 3,000 shareholders assembled in PWTC this morning.

The AGM this morning is not reflective of the ‘Transformation Agenda’ that FGV is supposed to be heading. Especially not how Isa as the Chairman handled it, when his own choice of ‘transformer CEO’ is plagued with so many allegations of dubious deals.

*Updated 1800hrs

Published in: on June 26, 2013 at 16:30  Comments (30)