FELDA settlers make Police report

NST 17 October 2013

NST 17 October 2013

A group of FELDA settlers and shareholders of FELDA Global Ventures Holdings Bhd. (FGV) made a Police report yesterday in Slim River. This is regarding the issue about the announcement of former FGV CEO Tan Sri Sabri Ahmad’s so called ‘resignation’ from BoD of FGV and MSM, as per made through Bursa Malaysia website on 29 August 2013.

The Police report is made based on the posting on this blog, which drew nationwide attention.

Announcement of resignation of Tan Sri Sabri Ahmad from BoD of FGV made through Bursa Malaysia website, 29 Aug 2013

Announcement of resignation of Tan Sri Sabri Ahmad from BoD of FGV made through Bursa Malaysia website, 29 Aug 2013

These diehard FELDA supporters have asked the Police to investigate on the matter which appeared for public knowledge in this blog. FGV announced through Bursa Malaysia website on 29 August 2013 about Sabri’s resignation due to “Personal commitments elsewhere”.

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 informing about the “Cessation as BoD member of FGV and MSM” dated 2 Sept 2013

However, FGV Chairman Tan Sri Isa Samad only wrote to Sabri informing him about being “Ceased as a director of FGV, MSM, FGV Biotechnologies and Global Green Fuel” in a letter dated 2 September 2013 and requested that the latter to sign the resignation letters from the BoD of each aforementioned companies.

Something is definitely amiss here.

If found guilty of false disclosure or announcement to authority exchanges such as Bursa Malaysia, under Section 122B of Securities Industry Act stated that the maximum penalty of RM3 million fine and/or 10 years jail.

Published in: on October 17, 2013 at 11:00  Comments (10)  

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10 CommentsLeave a comment

  1. “The Police report is made based on the posting on this blog, which drew nationwide attention.”

    God, good, good. Well done BD.

    This blog has influence and I like commenting in here. Not angkat bakul coz last I saw, you have got over 5 million hits.

    Many read only but don’t leave comments. And a few make Police reports. How gratifying.

    Next is for us to see the results of the Police investigation. But, in view of the Saturday voting, just the fact that some FELDA settlers make a Police report would have some effect on the UMNO voters.

    Let’s hope they translate into votes for the ones very concerned about UMNO and PRU14, like Mukhriz. And reflect on those who allow a lot of nonsense in UMNO such that the bloke found guilty of money politics got voted as UMNO Youth Head.

  2. Bagus mereka buat laporan Polis berkenaan ini. Tan Sri Isa Samad mesti menggelesah akibat nya.

    Ini bukan sahaja melibatkan FELDA. Juga Bursar Saham Malaysia. Menipu Bursar Saham di mana berbillion Ringgit terlibat, berkaitan tananam modal orang tempatan dan pihak pihak asing.

    Orang saperti ini perlu di nyahkan dari FELDA dan dari pucuk pimpinan UMNO. Jadi, pencalonan dia sebagai Naib Presiden UMNO itu tidak boleh di sokong.

    Perlu tunjukkan kapada rakyat bahawa Dato Seri Najib membiarkan perkara ini berlaku ada lah tidak bijak. Apa kah dia yang melantik Tan Sri Isa ke FELDA? Jika demikian, DS Najib lebih tanggong jawab nya terhadap kepincangan yang berlaku sekarang itu.

  3. Kudos BD.

    Now on MIMOS matter….

  4. The Securities Industry Act 1983 has been superseded by the Capital Markets and Services Act 2007.

    • So what?

      No provisions for false disclosure and/or announcement under the Capital Market and Services Act 2007 (even incorporating new 2012 amendments)?

      GROW UP, LA! Pleaseeee……

      Must be one of the PEMANDUettes Emir Mavani brought over to rule supreme!

  5. Farhan

    What matter is false announcement. Malu … how could a GLC not respect government policy and rule?

  6. FELDA has gone urban.

  7. *Comment deleted

    This commenter lost his/her privilege to share his thoughts in here. Pls go elsewhere!

  8. Padan muka Tan Sri Isa. Sekarang jawablah! Bagaimana cara buat kerja macam ini. Saya dengar Bursa KLSE dah minta penjelasan berkenaan dengan hal nie. Sekali lagi… Padan Muka!

  9. Lately, there has been a lot of news about FGV’s supposed false announcement to Bursa regarding Tan Sri Sabri Ahmad’s resignation.

    As someone who is close to the events that have occurred, I would like the public to know what really happened.

    Firstly, one must appreciate the fact that Tan Sri Sabri is the only person on the FGV Board that has deep plantations industry experience. In addition, since he was the immediate preceding CEO, he obviously has a very strong understanding of the company. Therefore, with him on the board, it is not easy to get proposals on nonsensical projects to be approved.

    At the point when the Bursa announcement was made, on 29 August, on Sabri Ahmad’s supposed “resignation”, there was no signed resignation letter from him. There was no letter from MoF saying that he ceased to become MoF’s appointee. Nor was the Board of FGV in the know. Therefore, the announcement that was made on 29 August was a clear lie.

    Subsequently, when the company was queried by SC, the company sought to cover up its wrong-doing by getting MoF to sign a letter saying that Sabri Ahmad had ceased to be MoF’s appointee to the Board of FGV. However, the Chief Secretary to MoF, and the Deputy Chief Secretary refused to sign the letter.

    In typical Malaysian political fashion, the company then went to get PM to sign the letter. Which he did, and which enabled the company to make a subsequent announcement, which is all over the news today.

    What this episode tells us, the Malaysian public is that, even if a GLC is in breach of Bursa’s listing guidelines, they don’t need to worry. The PM is always there to bail them out. What ever happened to good corporate governance? What happened to Government not interfering in business?

    To you, Mr Prime Minister, I cannot help but ask, why on earth did you sign the letter, when the Chief Secretary to MoF had refused? As Prime Minister, all you had to say was “I’m sorry, this is an administrative matter, please get the Chief Secretary to sign, and it is not my problem if you cannot convince him”.

    By signing that letter, you have created a huge moral hazard problem, as you have signalled to these people that you are ever willing to bail them out. Given the HUGE fiduciary breaches of responsibility that these people have been accused of, your decision to assist in their cover-up can only lead us to one conclusion.

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