FGV falls on boardroom tussle in latest saga

Kuala Lumpur

SHARES of Felda Global Ventures Holdings Bhd (FGV) tumbled 6.4 per cent to RM1.62 (52 Singapore cents) on Tuesday after its group president and chief executive Zakaria Arshad and group chief financial officer Ahmad Tifli Mohd Talha were asked to go on immediate leave of absence by the board pending investigations into certain transactions involving a subsidiary company Delima Oil Products Sdn Bhd.

Owing to the political nature of the state-owned planter, the latest development was invariably perceived to be a boardroom tussle between Umno politicians ahead of a general election which must be held around August next year.

The infighting could have potential implications for Malaysia's most dominant party especially since Felda settlers are majority voters in some 54 parliamentary seats. Staunch supporters in the past, they are increasingly concerne…