Zakaria Arshad has resigned as FGV Holdings Bhd’s group president and CEO.

In a filing with Bursa Malaysia, the company said with the resignation, his suspension announced earlier had ended.

Nonetheless, the forensic investigation mentioned in FGV’s statement from the board on Aug 28 will continue, it noted.

The probe, initiated in late 2017 to look into various transactions that resulted in FGV being exposed to a significant loss, is expected to be concluded by year-end.

FGV also gave assurance that business would continue as usual for the group.

“As announced earlier, the Special Board Committee 2 comprising four FGV directors, namely its chairperson, Azhar Abdul Hamid, Salmiah Ahmad, Mohamed Nazeeb P Alithambi and Hoi Lai Ping, shall continue to perform the functions of group president and CEO of FGV,” it said.

Zakaria was suspended from his duties – for the second time – on Thursday last week.

FGV explained that the suspension followed the conclusion of internal investigations into 10 critical issues that resulted in financial loss for FGV and its shareholders.

In a statement on his resignation, Zakaria said: “I made this decision after thinking through for the benefit of all parties as well as for the future of FGV.

"Despite this heavy feeling, I am putting FGV interests over mine. I’ve been with this organisation for the past 35 years and I’ve always wanted to see the FGV group succeed and be the nation’s pride.”

Zakaria noted that when he took over as CEO in 2016, the company was already in serious trouble.

“My attempts to mend the problems were met with obstacles from various angles. I hope this predicament will soon be solved with the leadership of the chairperson and the board,” he said.

Zakaria said he was convinced that the leadership of the chairperson and the board would be able to drive the group to a better level and solve the various legacy issues.

“I wish the board's plan to revive the group will achieve its goals successfully,” he added.

- Bernama