FGV Holdings Bhd Group President/Chief Executive Officer Zakaria Arshad has been suspended from his duties after a notice of inquiry was served on him.

The board of directors had issued the notice after concluding internal investigations into 10 critical issues that resulted in financial losses for FGV and its shareholders.

“Following the notice of inquiry, the GP/CEO's powers and authorities vested in him as the GP/CEO of FGV have been suspended starting from today, pending further notification by the board.

“FGV will continue its business as usual. In the interim, the Special Board Committee 2 comprising four FGV directors, namely its chairman, Azhar Abdul Hamid, Salmiah Ahmad, Mohamed Nazeeb P Ali Thambi and Hoi Lai Ping, will take over the responsibilities to perform the functions of the GP/CEO of FGV,” it said.

FGV has requested Bursa Malaysia to suspend the trading of its shares until 5pm today.

It added that further announcements would be made in the event of material developments on the issue.

Before the trading suspension, FGV's stock price was half-a-sen higher at RM1.54 at 3.28pm, with 4.2 million shares traded.

–Bernama