KUALA LUMPUR: The board of directors of Felda Global Ventures Holdings Bhd (FGV) will evaluate the explanations given by group president/chief executive officer Zakaria Arshad and chief financial officer Ahmad Tifli Mohd Talha.

In a filing to Bursa Malaysia, FGV said Zakaria had submitted an explanation to the show-cause letter issued to him on June 13.

“The board shall evaluate the explanations of both the group president/chief executive officer and group chief financial officer and undertake the necessary due process to conclude this matter.

“Until then, both Zakaria and Ahmad Tifli shall continue to be on leave of absence until further notice from the board,” it added.

Zakaria was given leave of absence on June 6 pending an inquiry into certain deals under Delima Oil Products, a subsidiary of FGV.

The original due date for the reply to the show-cause letter was June 20, but it was extended to June 23 and subsequently to noon today.

Ahmad Tifli had replied to the show-cause letter on June 20 as required.

Zakaria submits reply to FGV show-cause letter