Business · Malaysia Bureau
Ex-Felda Investment CEO faces cheating charges over RM500m land deal
A former chief executive of Felda Investment Corporation has been charged with cheating the company's board in connection with a controversial Jalan Semarak property transaction worth RM500 million.
LSN Malaysia ·
KUALA LUMPUR — The former chief executive officer of Felda Investment Corporation Sdn Bhd appeared in court on Wednesday to face charges related to an alleged scheme to deceive the company's board of directors.
The accused is accused of dishonestly inducing board members to approve a land deal involving property located on Jalan Semarak. The transaction in question is valued at approximately RM500 million and forms part of ongoing scrutiny into the management practices of the state-linked investment firm.
The charge carries serious implications for corporate governance at Felda Investment Corporation, which manages substantial assets on behalf of the Federal Land Development Authority. The case reflects broader concerns about oversight and accountability within major Malaysian investment vehicles.
The matter comes amid increasing public attention to the handling of large-scale property transactions by state-linked entities in the country. If convicted, the former executive faces potential penalties under Malaysia's penal code provisions governing fraud and breach of trust.
Court proceedings are expected to continue as authorities examine documents and evidence related to the Jalan Semarak transaction and the approval process that preceded it.