KUALA LUMPUR (June 14): The tussle between the management and board of directors of Felda Global Ventures Holdings (FGV) over irregular business dealings escalated yesterday as the board moved to serve show-cause letters on its group president and chief executive officer (CEO) Datuk Zakaria Arshad and group chief financial officer (CFO) Ahmad Tifli Mohd Talha.

The board issued the show-cause notice to the duo over the long outstanding debt that Dubai-based Safitex Trading LLC owed to Delima Oil Products Sdn Bhd, a subsidiary of FGV.

In a filing with Bursa Malaysia yesterday, FGV said Zakaria and Ahmad Tifli have been given seven days from yesterday to provide a written reply pertaining to the allegations mentioned in the show-cause letters. They will continue to be on leave of absence until further notice from the board, it added.

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