Discarding the Older Workhorse

fgv

Just because there is a new workhorse in one’s stable, it does not mean that the older workhorse should be left to die or discard. Probably there are still productive utilities and roles of the older workhorse in the farm.

That is what we were told about Former Group President and CEO of FELDA Global Ventures Bhd (FGV)  Tan Sri Dato’ Sabri Ahmad.

Sabri was controversially replaced Emir Mavani announced earlier this year, on 15 July 2013. The seasoned planter had served in that capacity for three years, taking over from Tan Sri Mohd. Bakke Mohd. Salleh, whom was assigned to Sime Darby Bhd.

Sabri, Isa and Mavani

It was reliably informed that all facilities and benefits accorded to Sabri would end come first day of October. This include medical, hospitalisation and company car.

This is because FGV decided to ‘retire’ Sabri against his will from all directorship, which include various BoD that he is now serving of subsidiary and associated companies where FGV have shareholdings and interests.

It is also believed that this matter was raised in BoD FGV and the decision is made.

We were told Sabri has been gravely ill since a week before he officially retired. He has been in and out of hospitals and surgeries and now undergoing medical treatment and therapy.

This will summarily end all the medical and hospitalisation facility accorded to Sabri, as a immediate Former FGV and BoD of several FGV companies.

FGV Chairman Tan Sri Isa Samad, Prime Minister Dato’ Seri Mohd. Najib Tun Razak and Former FGV CEO Tan Sri Sabri Ahmad

Why the decision is made is hazy. However it is baffling to learn that FGV Chairman Tan Sri Isa Samad did not play his role and all the cards available to him considering that Sabri  played pivotal role in the IPO exercise of FGV, which was dubbed the “Most successful in 2012 after ‘Facebook'”.

Sabri as a seasoned planter and corporate leader, provided the strong and visionary leadership for the restructuring and all the strategic and planning work for the IPO.

Against a lot of opposition from within, FELDA (authority) senior management, BoD of Koperasi Permodalan FELDA (KPF) and of course Opposition charged NGOs such as ANAK, Sabri was steadfast in realising Prime Minister Dato’ Seri Mohd. Najib Tun Razak’s ‘Transformation Plan’ for the FELDA community.

Prime Minister Najib announced the listing of FGV in the 7 October 2011 Bajet 2012 speech in Dewan Rakyat.

Pengarah Besar Lembaga FELDA Dato' Seri Dzulkifli Wahab, Pengerusi Lembaga FELDA Tan Sri Isa Samad dan CEO FGVH Dato' Seri Sabri Ahmad semasa sidang media

Senior Director FELDA (Authority) Dato’ Seri Dzulkifli Wahab, Chairman of FELDA (Authority) Tan Sri Isa Samad and CEO FGVH Dato’ Seri Sabri Ahmad at the media conference in Kuala Pilah, Nov 2011, after meeting the FELDA community leaders for FGV IPO roadshow

The corporate exercise alone was daunting, since the opposition of BoD KPF and then senior management of FELDA (authority), FELDA Holdings Bhd. (FGV) were unable to be injected into FGV for the ‘share-swap’, which will directly benefit KPF shareholders. Instead, Sabri engineered ‘Plan B’ that the holdings that was supposed to go to KPF were channeled into a SPV.

The SPV would also finance all the development programs for FELDA community, which would be focused for the 2nd and 3rd generation.

Sabri worked very hard and his contribution, via the corporate leadership was immense. He tirelessly spearheaded all the roadshows globally for international investors during the pre-listing of FGV, the strategic partnership and networking to ensure that FGV growth and future business plans are subjected to a formidable plan and followed through.

Sabri’s explanation on the SPV intended for he strategic and development programs of FELDA community

It is obvious that Sabri did so much for FGV shareholders and FELDA community on behalf of the Federal Government in so little time. It is utter shameful for all that deeds and success stories that Sabri made and marked, is not commensurated with the decision to discard him entirely.

What is most shameful is the believe that Isa did not do his best to stand up for Sabri, in the latter’s most trying moments. Especially in the tone where FGV is making ‘very expensive investments’.

Published in: on September 23, 2013 at 23:52  Comments (19)  

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19 CommentsLeave a comment

  1. Reminds me of the case of Tan Sri Hassan Merican. Habis madu sepah dibuang. Melayus do this kind of thing to other Melayus. How to respect our so-called Malay leaders?

  2. Today the CEO

    Tomorrow the poor settlers. These crooks and heartless corporate and politicians do not care for people.

    Just like what JJ did to the 400 workers of DARA he is supposed to turnaround operationally. Instead of improving efficiency he was doing asset stripping till graveyard were sold to taukeh taukeh cina

    Imagine JJ is being widely claimed to be Teraju’s new boss. Mampus Melayu!

  3. Sobri was paid $16m on his retirement from FGV.This enough to pay for all his medical bills.
    Sobri is not a planter.He started his job in govertment agency FAMA.He had knowledge in Plantation when he work with Golden Hope.But to work in big business corporation like FGV we need a candidate that can command international investor respect.

    Any way my main concern about FGV is why they get involved in business thay are not familiar with like buying a hotel in London.

    • BigDog,

      How is buying shares in IRIS which is a defunct loss making “High Tech” Co for a huge sum of money going to help FGV? God Forbid IRIS is not being used to transport money out of FELDA.

      • This is the Same company that is going from high tech to low tech. From microchips to growing melons and breeding chicken.

  4. Saya tak faham kenapa bigdog selalu menyanjung Dato Sabri dan mrendahkan sumbangan orang lain. Seolah-olah semua nya
    beliau buat sendiri. Idea IPO datang dari PM. Idea Sabri lain, iaitu supaya IPO syarikat terpilih bermula daripada MSM dan syarikat lain menyusul. Memanglah dah tanggung jawab beliau jalankan tugas untuk menjayakannya sebab beliau di bayar gaji. Tahukah anda berapa ramai petugas Felda terkorban samada dipindahkan ketempat lain dan ramai yang di tempatkan dipeti sejuk.Bukan disebabkan prestasi tetapi memberi pandangan yang leih bernas untuk kebaikkan peneroka pada jangkan panjang. Harga saham merudum dan nasib baik ada EPF tolong beli. Dalam tiga tahun tak ada yang beliau buat yang baru, hanya meneruskan apa yang dibuat olih Raja Alias. Melawat ladang boleh dikira dikira dgn jari. Hanya melawat Sabah sekPlantation is is core business. Yang dia suka ke Boston, Canada, UK Dubai ,Australia dan Mynmar. Sruktur organisai diubah. Lintang pukang jadinya. Orang FELDA diganti denagan orang junior SIME DARBY dan ramai general manager plantation terdiri daripada orang kilang. Kos meningkat dua tiga kali ganda. kilang FPI rugi besar dan plantation untung sikit. Dijangka KPF tidak memberi dividen seperti biasa di tahun hadapan. Semua suporting survice deen centra

  5. Word has it that Sabri Ahmad is having stage four cancer. It’s the talk of town.

    It is without doubt that is a very expensive if not painful problem to deal with.

    Taking away all medical and hospitalisation away from him, would probably making situation worse for Sabri.

    Felda as a Malay entity, originally designed to help downtrodden Malays is now starting to lose its soul and defining trait of the Malays.

    Shame on Felda!

    • Not shame on FELDA. Shame on those who changed the old pattern, the old concept, bringing in new people, including holders of fake PhD.

      Whatever they change for improvement, bigger projects, more money etc, they must not change Tun A Razak’s concept of promoting the economy of the Malays, especially the poor rural Malays.

      And damn it, just because the FELDA settlers have now enjoyed the fruits of their labour, anything the Management or the powers that be do to increase many fold the income of FELDA must never be used to enrich others but should be for the FELDA settlers, their children and grandchildren. OK, others make money from share flotation etc and in the process the share prices go up. But there must never be hanky panky, profits siphoned for the benefit of others.

      We should watch out and whack those who do such, get the detailed facts and put them out to the public domain, even if irregularities involve or are condoned by the political masters, if they bring about the changes that make FELDA deviate from the original intention of Tun A Razak.

  6. It is grossly inhumane for a corporate entity like FGV to discharge its moral duty to take care of a very ill former executive who hv contributed immensely for the plc.

    Money shouldn’t be of any consideration since FGV is a highly profitable and cash rich corporation.

    I can’t help but share a personal experience. A former colleague who was then with Petronas was so unfortunate to hv leukemia.

    He was in his early thirties and was at an entry level managerial post. He was incapacitated for a long time and was unable to attend to his duties for over a year.

    Yet, Petronas didn’t take any of his benefits away.

    He passed away at the age of 35, without ever recovering from the dreaded illness.

    It was learnt that Petronas undertook all his medical expenses (which amounted to more than RM1m), throughout till the day he was called back to be with Allah.

    I’m not sure whether this bloke contributed as much as Sabri in FGV. However as compared to BD’s story today, Petronas is more humane than FGV in many ways.

    Especially, from the values and perspective of ordinary Malays.

  7. I heard Felda is now considering buying KAF discount house for $1.3 billion.
    Like IRIS,and Hotel,What is the relevance KAF to Felda Settlers.

    Why cant they use the money to buy more plantation land.

    • Exactly!

      But can personalities like Isa Samad, Mavani and this chap PS Lim (Member of the investment committee) can be trusted?

      Look at the proposal to buy Pontian Plantations, where DAP Adviser Dr Chen Man Hin is the Chairman. Acquisition price of over RM1.2b where the PE is 30.7!

      Unfortunately, they still went ahead with the acquisition at RM140.00/share!


      Felda Global Ventures gets 50.25% of Pontian shares

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      KUALA LUMPUR: Felda Global Ventures Bhd’s (FGV) takeover of Pontian United Plantations Bhd has become unconditional after FGV received acceptances for 50.25% of Pontian’s paid-up.

      According to TSH on Monday, FGV had received valid acceptances for 4.345 million Pontian shares.

      TSH is selling its entire 1.398 million shares of Pontian, which is held by its unit Bisa Jaya Sdn Bhd, to FGV for cash consideration of RM140 a share.

      “The proposed disposal is deemed completed pending full payment of the cash consideration by FGV which shall be made within seven days from the date the Pontian shares acquired by FGV pursuant to the offer are registered in the name of FGV or its nominees,” it said.

      To recap, TSH had agreed to sell its 16.17% stake in Pontian to FGV for RM196mil cash which would see it netting RM86mil.

      The agreed upon price for the plantation company – which owns 16,188ha of plantation landbank, mostly in Kinabatangan and Lahad Datu, plus a CPO processing mill with capacity of 90-metric-ton an hour – is RM140 per Pontian share.

      However, the offer from FGV is conditional and will only be valid if it receives more than 50% of Pontian’s shares.

      And this is the latest:

      FGVH secures 98.81% of Pontian United Plantations
      Posted on 18 September 2013 – 05:38am
      sunbiz@thesundaily.com
      Print
      PETALING JAYA (Sept 18, 2013): Felda Global Ventures Holdings Bhd (FGVH) has succeeded in its RM1.2 billion bid for unlisted Pontian United Plantations Bhd, securing 98.81% of the latter as at last Friday, despite earlier reports which poured cold water on the deal.

      In a filing with Bursa Malaysia yesterday, FGVH said it has sent a notice to shareholders to inform them that it received valid acceptances of not less than nine-tenths of the Pontian shares as at Sept 13, 2013, enabling it to compulsorily acquire the remaining shares.

      FGVH has extended the closing date of the offer from yesterday to Oct 1, 2013. The offer details remain unchanged.

      FGVH on July 18 this year launched a voluntary conditional takeover offer for all Pontian shares, offering RM140 for each share. Given the fragmented shareholding structure of Pontian, with over 30% of the company’s shares held by four different shareholders, market analysts were not optimistic that the deal would go through.

  8. Amat mendukacitakan jika betul keputusan untuk menarik balik faedah persaraan seperti kemudahan perubatan untuk seorang bekas ketua pegawai eksekutif dibuat oleh pentadbiran baru tanpa sebab yang munasabah.

    Pada saya orang yang tidak memberi pertimbangan kepada aspek kebajikan dan bersifat ehsan terutamanya sesama islam/melayu tidak layak diberi mandat untuk berada di saf hadapan kepimpinan UMNO.

  9. What do you expect from the Dwaf from N. Sembilan. He has forgotten when his wife was sick from cancer till she passed away all the bills for years was paid by the state of which he was the MB.. Now he keeps mum when he could have intervened at least to ease out En. Sabri and not have him booted out suddenly. Remember Cancer can strike any on those responsible for this shameful just may be next including the Dwaf himself .

  10. I can confirm,Sobri is sick and now a Subang Jaya Medical centre.

  11. […] the juncture where FGV refused to continue in underwriting medical and hospitalisation bills of gravely ill former FGV … by summarily terminating him from all BoD posts within the FGV Group, there is this damning report […]

  12. […] admin September 25, 2013 History No Comments At the juncture where FGV refused to continue in underwriting medical and hospitalisation bills of gravely ill former FGV … by summarily terminating him from all BoD posts within the FGV Group, there is this damning report […]

  13. […] the juncture where FGV refused to continue in underwriting medical and hospitalisation bills of gravely ill former FGV … by summarily terminating him from all BoD posts within the FGV Group, there is this damning report […]

  14. […] Read Discarding the older workhorse […]

  15. […] is no mystery why there are personalities who wanted Sabri out from FGV BoD. FGV is sitting on a huge pile of cash and could easily do spending spree. Proposals […]


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