Isa resigns as FGV head, appointed acting SPAD chairman

Sulaiman Mahbob meanwhile becomes acting FGV chairman following speculation that he would replace Isa.

(FMT) – Isa Samad has resigned as Felda Global Ventures Holdings (FGV) chairman but was appointed the acting Land Public Transport Commission (SPAD) chairman with immediate effect.

According to a filing to Bursa Malaysia today, cited by national news agency Bernama, the plantation company said Isa has “ceased as his appointment as government-appointed director to focus on his personal undertakings”.

Bernama added that Sulaiman Mahbob, the non-independent non-executive chairman of the board of Telekom Malaysia Bhd, was appointed acting FGV chairman.

Isa was appointed chairman and non-independent executive director of FGV on Jan 1, 2011.

His resignation comes hours after speculation that Sulaiman would replace him as FGV chairman.

It also followed Isa’s meeting with Prime Minister Najib Razak at his office in Putrajaya this morning.

In his new position, Isa takes over from Syed Hamid Albar, who retired on June 3.

Syed Hamid had been with the commission for seven years.

Troubled FGV made headlines when four of its executives, including its president and CEO Zakaria Arshad, were told to go on an indefinite leave pending an internal investigation into an issue involving delayed payment from a Dubai-based Afghan company, Safitex Trading, to FGV subsidiary, Delima Oil Products.

On June 7, the prime minister appointed former minister Idris Jala to oversee the internal investigation.

The next day, the Malaysian Anti-Corruption Commission (MACC) seized documents at FGV’s headquarters, one day after Zakaria’s meeting at the MACC office.

Besides Zakaria and Ahmad Tifli, Delima Oil Products’ senior general manager Kamarzaman Abd Karim, and FGV trading CEO Ahmad Salman Omar were also asked to take a leave of absence.