His sudden resignation has fuelled expectations that he will take over from Zakaria Arshad, who has been asked by the FGV board to go on a leave of absence.

The Edge Financial Daily quoted sources as saying Azhar was a good choice given his background in the plantation sector.

One source told the Edge: “The government is looking for an independent, capable and strong individual with deep knowledge in the plantation sector to lead FGV, and Azhar seems just the right fit.”

Azhar, a chartered accountant by training, was appointed MD of Malakoff Corp Bhd on May 1, 2016. Prior to that, he was the president and group MD of Tradewinds Corp Bhd, before relinquishing the position to be its chairman.

He has served in various capacities in companies such as the Malaysian Co-Operative Insurance Society Ltd, Pernas International Holdings Bhd, and Tractors Malaysia Holdings Bhd. He was acting president and group CEO overseeing operations of the entire Sime Darby Group until August 2010 before joining Mass Rapid Transit Corp Sdn Bhd as its CEO in 2011. He served there until 2014.

On June 12, The Edge Malaysia weekly reported that Azhar was the front runner among three contenders for the post. It named Ismee Ismail, former managing director and CEO of Lembaga Tabung Haji, and Mohd Bakke Salleh, president and CEO of Sime Darby Bhd, as the other two possibilities.

Zakaria, along with three other senior executives, was suspended from duties on June 6 amid a probe into alleged irregularities in business dealings between Afghan company Safitex Trading LLC and FGV subsidiary Delima Oil Products Sdn Bhd.

Yesterday, Malakoff announced that Azhar was resigning from his post as group MD after more than a year, effective June 30, citing personal and professional reasons.

The Edge Financial Daily reported that, in the interim, Habib Husin, the executive vice-president of operations at Malakoff, had been appointed acting CEO effective July 1, 2017.