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)  

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30 CommentsLeave a comment

  1. Tahniah kepada enick kamaruddin yang berani menyoal soalan soalan tersebut. Jelas dari penerangan Tan Sri Isa bahawa PHD encik mavani memang tak sah! Potong gaji! Buang kerja lah!

    Isu kedua dan ketiga belum lagi jelas. Adakah ini cara pengurusan FGV menangani hal yang memang akan menakutkan pelabur and pemegang saham FGV? Ini kah transformasi?

  2. Looks like he won’t last as MP of Jempol. If there was a credible opponent,chances are this will be the ghost he has to bury. And FELDA schemes in Jempol are not an easy lot to please. Isa, you have been notified and warned…

  3. What sort of board of directors is this?

    Shareholders demand for an answer in an AGM & didn’t get it?

    This is not a ‘transformed’ plc. This is the behaviour of a Chinaman company of the 70s.

  4. If CEO of FGV is currently in hot soup because of his “fake” Phd, Mr Chairman TS Isa can still use his “charm” doing taichi during AGM. But Tabung Haji will have a more interesting script. It is not the CEO but the new Chairman (Azexx Mat Rempit Rahxx) that has fake Bachelor degree and MBA from god-knows-what-university. So who will do the magic trick? Is it the flamboyant yes-man CEO with zero integrity, Ismxx Ismxxx? Or another crooked Minister in-the-making, Jamxx Khxx? Or AMRR will leave it to the most powerful RM in Malaya? Heard that JK flew to London last week just to bring back his special tailored-made LV shoe, courtesy of Tabung Haji’s depositors, of course. Thank you Pak Aji dan Mak Aji di kampung atas sumbangan anda memberi kekayaan yang berlimpah2 kepada LANUN2 Tabung Haji.

    p/s Oh one more thing, is it true that AMRR does not even completed SPM?

  5. This is indefensible la..

    Fraudulent appointment:

    A fraudulent appointment, or separation is one procured by either a knowingly false representation as to any of the qualifications prescribed by law, regulation, or a deliberate concealment as to any of those disqualifications. Matters that may be material to an appointment, or separation include any information used by the appointing, or separating authority in reaching a decision as to appointment or separation in any particular case, and any information that normally would have been so considered had it been provided to that authority.

    As for Encik Kamaluddin Singah, he may be interested in to know (or already in the know) that:

    “Thematic Approach to Regulation

    Bursa Malaysia adopts a thematic approach to achieve our goals and objectives of ensuring effective market regulation. The themes are as follows:-

    – Enhancing standards of corporate governance among listed issuers
    – Improving the quality and timeliness of disclosures to the market
    – Raising the standards of business conduct by market participants
    – Increasing the effectiveness of our enforcement activities
    – Elevating the level of education and awareness in the industry”

    Based on this report, clearly there are issues at least with regard to standard of corporate governance, quality of disclosures and standard of business conduct in FGV.

  6. Isa Samad should understand that FGV is not some JKKK meeting but a public listed company.

    Go doggie, go. Keep barking. This people muat understand that the days of keeping things under the carpet is over.

    Answer the bloody questions honestly.!!!

  7. Where did we goes so wrong? Who is this responsibility? Why we want accept only what this bodoh dirty chairman say. He try to cover up stealing commission and the land dealing. Rise up! If I was all the director Felda, I would so shame to admit Chairman who say like that. If I have half past six degree from a university that is not certified then I can work for Felda? What is that? Stupid.

  8. Having leaders like Isa coming from UMNO, gives reason why a ‘kaki jub..’ still can have people supporting him.
    The rakyat is wondering who is more ‘teruk’.
    What a pathetic lot, the Malaysian rakyat.

  9. Najib akan biarkan saja kerana dia mahu jaga hati Isa Samad. Bila peneroka dan pengundi kawasan Felda marah, baru nak gelabah.

    Manakala itu, Isa Samad sudah termalu dengan keputusan bangangnya dan mahu terus pertahankan benang basah.

    Isa … Isa … dunia dah berubah. Kelentong ala orang kampung hanya sesuai di masa lepas. Orang kampong pun dah pandai. Menang di Jempol pun sipi – sipi.

    Kalau tak betul, berhentikan dan ganti orang lain. FGV dijanjikan sebagai masa depan anak felda generasi ke 3, 4 dan seterusnya. Mulakan dengan meletakkan anak Felda mengetuainya. Isa pun bukan anak Felda.

    Emir Mavani tu … kasi dia jual capati di salah satu pusat bandar Felda. Itu saja tempat untuk kaki auta macam dia.

  10. BD,

    This announcement by FGV where they are moving forward is very intriguing.

    Home » latest

    FGV evaluating 12 acquisition proposals

    http://www.btimes.com.my/Current_News/BTIMES/articles/20130626163047/Article/index_html#ixzz2XLEKM7PS

    Cash-rich Felda Global Ventures Holdings Bhd (FGV), with RM3.85 billion cash from its initial public offering (IPO), is
    evaluating 12 acquisition proposals including plantation as well as downstream businesses.

    The world’s third largest palm oil operator expects to announce its first acquisition within the next three months.

    FGV chairman Tan Sri Isa Abdul Samad said FGV’s gross proceeds from the IPO in June 2012 totalled RM4.46 billion, but as at March 31 the remaining gross proceeds stood at RM3.85 billion.

    “Of this, we aim to spend almost 60 per cent or RM2.2 billion acquiring plantation assets, RM840 million to buy selected mills and refineries, and RM780 million to expand our oils and fats downstream segment,” Isa said in a media briefing after FGV’s first annual general meeting (AGM) as a public listed company.

    A further RM41 million, Isa said, has been set aside for capital expenditure to enhance efficiency at FGV’s operations while the rest goes to loan repayments and other expenses.

    Meanwhile, group president Tan Sri Sabri Ahmad said there is a good likelihood of acquiring and planting another 20,000 hectares of oil palm land in Indonesia’s Kalimantan province.

    “Last year, FGV acquired about 15,000 hectares through its 95 per cent-owned PT Citra Niaga Perkasa,” Sabri said in the media briefing.

    FGV has approximately 350,000 hectares of oil palm plantations in Malaysia that produced 5.2 million metric tonnes of fresh fruit bunches in 2012.

    It also has operations in 10 countries across four continents, and does not discount potential upstream activities in Africa.

    “We are consolidating by expanding into countries like Myanmar, Cambodia and Laos — planting other crops such as rubber while also growing aggressively the market for our palm-based consumer goods there,” Sabri added.

    He said that for Myanmar, the group would not consider any land bank acquisition for the moment.

    “Instead, if opportunities arise, we want to implement the Felda model where locals do the planting and we undertake the processing, and this would probably be for rubber,” he said.– Bernama

    Good that each Felda settler is getting RM 550 in dividends.

    The most worrying question are:

    1. RM 4 billion of cash lying around after IPO is a lot of dough & susceptible to all sorts of schemes considering the FGV Chairman isnt the brightest of the lot
    2. Are the Pirates of PNG involved in any if not all these 12 acquisition proposals?
    3. How much involved are they (especially with the vendors)?
    4. What control systems are in place to ensure that there is no hanky-panky what so ever (Considering you wrote “One of the member of the Investment Committee volunteered himself to negotiate with the vendor”?

    I dont trust ppl under Najib’s watch. IF they could stiffle UMNO/BN during the 13GE, what more via sophisticated& investment-bank-laced corporate deals?

    • IF this Emir Mavani, Pradeeb Kumar or what ever true identity he really is, cant even be honest & truthful about his qualifications, should he be trusted with a Corp with RM 4 B in the coffer?

      It was raised casually by so many in social conversations; did anyone ever checked & scrutinise all the deals this man engineered, brokered or involved in his previous jobs, esp UAE?

      Something is really fishy there……

  11. Even if Tan Sri Isa wanted to get rid of Tan Sri Sabri late last year, surely he could have chosen a better person than a fake PhD.

    Whether or not the flers got their fake degrees before being employed by FELDA etc, the fact remains that they were dishonest buggers, and how can you employ such fellows in huge organizations that are supposed be looking after and promoting Bumiputera interests.

    I’m having my finger pointing at Najib. He was the one appointing Isa. He is the ultimate authority. The buck stops at him. He and the silencing of the NEP. And his brother at CIMB lauging at NEP. I support the calls that Najib be replaced.

    • Some of the advisers around PM Najib created the opportunity Emir Mavani to be parachuted into FGV, months before IPO.

      Who are they? Why? Is the cash raised post IPO was their target? Is Emir Mavani their apparatus to devour that huge stack of cash & all the sustainable businesses that could derive there on?

      Lots of Qs. No answers. What is very frightening is that the more one asks, the more deeper all these are leading into!

      • Who exactly are these rogue “advisers” and scoundrels at “Level Four”, can you, or any one, tell?

        Are they PTD Offices? Or political appointees? How many of them compared to the number of PTD Officers in PMO?

        Are they political fellows who have helped the PM get votes whatever in the past but could not be slotted into the cabinet, the GLCs or whatever? Like the fellow who said something racist in connection with BTN course while the man was in Malacca some time back?

        Are we having the American system nowadays? Where the President’s Office is full of political appointees who are changed every time a new President comes into office? If so, habis lah. They will make hay while the sun shines.

      • Sori, I asked the same questions you did, bro. But some with knowledge of the current situation, pls clarify.

        During Tun Dr Mahathir’s time, only a few political appointees. Political Secretaries and the like. But the vast majority were PTD and the lower grade Government Officers as support staff.

        And they say PTD Officers had to abide by the Civil Service General Orders, Financial general Orders and the like.

        The Level Four phenomenon started during Tun Dol’s time. Khairy Jamaluddin, Omar Ong and the like. Apparently continued under Najib. It appears to have become a big menace to society now.

        Get rid of Najib and may be the Level Four system will disappear. Find a replacement who abhors that system.

      • Will this development help? “Special officers to Cabinet ministers to be vetted,” reports Bernama.

        Are the Level Four and the “special advisers” in the PM’s Office referred to above the kind mentioned by the new Minister in the Prime Minister’s Department, Datuk Paul Low Seng Kuan? Were they not vetted by the MACC in the past?

        I’m fedap hearing KRA here and KRA there, including the Anti-Corruption NKRA (National Key Result Area), but the monkeys are still there monkeying appointments to GLCs etc, and the award of projects.

        The Minister says, “The role of special officers is an important one as in some cases, they act as gatekeepers to the respective ministers and are privy to highly confidential information.

        “It will also be a requirement for the special officers to declare their assets annually to the prime minister, respective ministers and the MACC chief commissioner,” Low said in a statement.

        Will they? Will the MACC take action, if not? “Gate keepers,” eh?

  12. Najib did the right thing to appoint Isa Samad as Felda Chairman to replace Dr Yusof Noor. He did the job very well.

    However, Isa isnt the best personality to become FGV Chairman.

    In his haste to oust Sabri Ahmad due to Personal issues, he leveraged on Emir Mavani who was brought in from Pemandu hoodwinking everyone that this is PM Najib’s man of choice.

    Could Isa be blamed? He isnt a sharp minded to start with.

    After all, with advisers in the likes of Omar Ong behind the placement of Mavani into FGV, Isa is more interested of protecting his own keep jealously.

    • Anybody knows why Najib likes Omar Ong so much?

      • ‘Like’ is word I’d hardly use. More like ‘very defensive’, if not ‘dependent’ on Omar Ong.

        This a brief on the Malay-wannabe 100% pure blooded Chinese, taken from ABITW four years ago:

        Mohd Omar Ong bin Mustapha Ong was a scholar of Petronas. He was offered scholarship in May 1989 to do A-level in the UK and to study in Oxford University. He has repeatedly defaulted from his obligation in the scholarship agreement with Petronas.

        The revelation of Omar Ong’s appointment as a member of the Board of Director of Petronas will mean that the Board of Direcor have honoured a scholarship defaulter with this appointment.

        Omar completed his study and graduated from Oxford with a Bachelor’s degree in Politics, Philosophy and Economics. On February 16th, 1995 he joined Petronas as Executive. He later resigned and join Multimedia Development Corporation (MDC) on February 1st, 1997.

        Omar was employed for nearly 2 years and at the time of resignation, had not fulfill his compulsory service. Petronas agreed to transfer the compulsory service to MDC being another Government Company..

        His stinct with MDC lasted few months more than 3 years for he resigned on March 31, 2000. This is in breach of the scholarship agreement and he was informed by the Education Services Unit on June 2000.

        Consequently, he was issued a Letter of Demand in January 2001 from the Legal Service Unit of Petronas. By September 2001, Lee, Hishamuddin & Co. was appointed to start proceeding against Omar. Judgement was obtained against Omar in February 2003.

        After MDC, Omar joined McKinsey & Co, London, and operated in Kuala Lumpur. He later co-founded Ethos & Co. in February 2002.

        In February 2004, he was appointed Special Officer 1 to the Deputy Prime Minister. A deed of settlement was signed in May 2005 and he was to serve the Government of Malaysia for an assigned period of 4 years 10 months. In the event of another breach of contract, he will be required to pay a settlement of RM120,000.

        Omar resigned and rejoined Ethos & Co. in February 2006.

        Appreciate you could publish this comment in your blog in order to get reactions from Omar Ong or Petronas to this revealed details.

        This should serve to alert Najib that the man he agreed to be appointed as Director for Petronas is a Petronas Scholar who defaulted on his loan.

        Najib’s insistance on the Board of Director of Petronas to appoint Omar Ong will put them in a difficult position to breach their own internally long practised policies and will be expected to be given exception.

        Why?

        Probably, Najib is so easily sold by the Oxford-McKinsey fancy-philosophical-cum-techically-superior talk of a sweet talking boyish young Chinese man.

        Najib was willing to go up at arms against Tun Dr. Mahathir over Omar Ong. Chew & swallow that!

      • Thanks a lot, bro. Very revealing. I sure will spread the info. I don’t like the fellows (plural).

  13. Looks like Isa Samad is a pet dog seeking the adoration of Omar Ong and Idris Jala

    • It is Isa Samad’s own ‘Transformation Program’. He got to do this ‘buttering up to intellectual pirates’ in the likes of Omar Ong, Idris Jala & NMY to make himself still relevant.

      Considering everyone in his cohort have already retired or put in cold room, to age gracefully.

      He was never known as a principled person to begin with. More of a political survivor.

      Political survivors are known to prostitute themselves to remain ‘politically correct’.

      • Wd appreciate if you’d explain Omar Ong as “intellectual pirate”. Is he a smart fellow?

  14. My friends in FGV tells me Pradeep official email no longer have the Dr title. Is that all? All the staff ask why can tipu and no consequence. If Isa Samad dirty man protect all also can. Must be reason why that dirty short man protect this Indian. Pradeep not so hensem, so can’t be boyfriend. Must be all the dirty deals. All the staff should mogok and now send protest. Why can cheat and still have highest salary when other peoples work hard and have honest qualification.

    • Padan muka keling itu! Penipu! Tak malu ke! Resign saja lah! Buka kedai jual nasi kandar lah…
      Malu Malu Malu
      Isa bodoh bodoh bodoh!

  15. Oh my God,looks like FGV and Tabung Haji are under siege by crooks.How on earth did Isa Samad allow member of investment committee to be involved as a middleman for land acquisition in Papua??Even a fool will know that conflict of interest!!Share holder must take step to lodge an official report to MACC.It smell a stinking rats.This guy must be on the take.

    Jamil Khir,Ismee and a few others were not only in London,but also in Switzerland to understudy a “potential investment”.Everyone knows that investment that fits “shariah compliance” in Switzerland is almost nil.Why the need of the trip with huge entourage,accompanied by spouses if not taking advantage of TH for free holiday??

    Lets also view all senior officers of TH and FGV making overseas trip on “Business Trips”,and I am sure,the depositors and settlers will faint.Its a mere abuse by them.

  16. […] are very serious matters. Even shareholders raised all these matters in the recent FGV AGM. Shareholders and many of the stakeholders already regard Mavani as a Persona Non […]

  17. […] at the FGV AGM on 20  June 2013, shareholders raised the same matters and not able to obtain the satisfactory answers. It is interesting to note the burning issue of […]

  18. […] The pig rearer Yunnan Huijia Ltd. of Kunming China was a scandal raised earlier. It was even raised by shareholders on the 26 June 2013 first FGV AGM. However, it does not show that Isa reprimanded nor made Mavani answer to the discount scandals so […]


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