Disclosure of Deceit

Website of Bursa Malaysia

Screenshot of Bursa Malaysia portal dated 29 August 2013, of the FGV announcement of Sabri Ahmad’s resignation from the BoD

It has come to our attention that FELDA Global Ventures Holdings Bhd. (FGV) announced on 29 August 2013 to Bursa Malaysia of the resignation of former Group President and CEO Tan Sri Sabri Ahmad from the Board of Directors (BoD). The reason for resignation is stated as “Due to other commitments”.

Isa Samad's letter to Sabri Ahmad informing of the "Cessation as BoD member of FGV and MSM" dated 2 Sept 2013

Isa Samad’s letter to Sabri Ahmad dated 2 Sept 2013 informing of the “Cessation as BoD member of FGV and MSM” and requesting him to sign the resignation letters

However, it is alarming that FGV Chairman YB Tan Sri Isa Samad wrote to Sabri in a letter dated 2 September 2013 for the purpose of:

  1. Informing Sabri that he ceased to be member of BoD of several listed companies under the FGV Group which include FGV (from 29 August 2013) and MSM Malaysia Bhd. (from 5 September 2013), both listed in Bursa Malaysia
  2. Informing Sabri that he ceased to be member of BoD of several non listed companies under the FGV Group which include FGV Biotechnologies Sdn. Bhd. (from 15 July 2013) and Global Green Fuel Sdn. Bhd. (from 29 August 2013)
  3. Requesting Sabri to sign the resignation letters from BoD all the said companies, prepared and attached
Screenshot of MSM announcement to Bursa Malaysia dated 5 September 2013 for the resignation of Sabri from the BoD

Screenshot of MSM announcement to Bursa Malaysia dated 5 September 2013 for the resignation of Sabri from the BoD

On 5 September 2013, a corporation under the FGV Group MSM Malaysia Bhd. (MSM) announced that Sabri also resigned from the BoD and also for the same reason, “Due to his other commitments”.

We have been reliably informed that till present day, none of these letters are signed by Sabri.

The undated and unsigned letter prepared by Isa Samad for Sabri Ahmad to make his mark, resignation as BoD member of FGV

The undated and unsigned letter prepared by Isa Samad for Sabri Ahmad to make his mark, resignation as BoD member of FGV

The undated and unsigned letter prepared by Isa Samad for Sabri Ahmad to make his mark, resignation as BoD member of MSM

The undated and unsigned letter prepared by Isa Samad for Sabri Ahmad to make his mark, resignation as BoD member of MSM

Hence, if Sabri did not resign as a member of the BoD from any of the said companies, how could FGV disclose to Bursa Malaysia for the announcement of ‘his resignation’ from BoD of FGV and MSM?

Did they do a false declaration to Bursa Malaysia?

If FGV and MSM did, then they should be investigated under the Sect 122B of the Securities Industry Act. It is a crime punishable by a hefty RM3 million fine and ten years jail for committing deceitful statutory declaration, such as a change in the boardroom.

Published in: on October 11, 2013 at 10:30  Comments (21)