Felda Global: Zakaria Arshad to Resume Duties as Group President, CEO

By Yantoultra NguiFeaturesDow Jones Newswires

KUALA LUMPUR, Malaysia--Malaysia's Felda Global Ventures Holdings Bhd. (5222.KU) on Monday said Zakaria Arshad would resume his duties as the palm-oil producer's group president and chief executive effective Oct. 16.

State-owned Felda Global recently underwent a management shake-up after disclosing the suspension of senior executives, including Mr. Zakaria, to facilitate a probe into a transaction by a subsidiary. Mr. Zakaria has been on a leave of absence since June 6.

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Felda Global said the findings from the inquiry had been submitted to Malaysia's Finance Ministry.

The ministry wants Mr. Zakaria to return to the posts after taking into consideration Felda Global's overhaul and his commitment to resolving the outstanding debt of its Safitex Trading LLC unit, the company said.

Shares of Felda Global ended Monday 0.6% higher at 1.72 ringgit ($0.41) before the announcement.

Write to Yantoultra Ngui at yantoultra.ngui@wsj.com

(END) Dow Jones Newswires

October 09, 2017 06:40 ET (10:40 GMT)