Malaysiakini
NEWS

Isa Samad trial: FIC hotel purchase not according to Felda's mandate - witness

B Nantha Kumar

Published
Modified 17 Oct 2019, 8:23 am

The Kuala Lumpur High Court today heard that the purchase of Merdeka Palace Hotel & Suites (MPHS) in Sarawak by Felda Investment Corporation Sdn Bhd (FIC) did not adhere to the mandate set by Felda.

Former FIC chief executive officer Mohd Zaid Abdul Jalil said this was as Felda had set that any investment exceeding RM100 million must first be brought to the Felda board of directors (BOD) for approval.

According to Zaid, FIC did not obtain the Felda board’s approval for the takeover of the RM160 million Kuching hotel, as decided by its then chairperson Isa.

“It definitely did not follow Felda's mandate.

Share this story

Comments

By posting a comment, you agree to our Terms & Conditions as stipulated in full here

TERMS & CONDITIONS

Foul language, profanity, vulgarity, slanderous, personal attack, threatening, sexually-orientated comments or the use of any method of communication that may violate any law or create needless unpleasantness will not be tolerated. Antisocial behaviour such as "spamming" and "trolling" will be suspended. Violators run the risk of also being blocked permanently.

REPORT VIOLATORS

Please use the report feature that is available below each comment to flag offending comments for our moderators to take action. Do not take matters in your own hands to avoid unpleasant and unnecessary exchanges that may result in your own suspension or ban.