Former FIC CEO Mohd Zaid Abdul Jalil claims trial to two charges of allegedly deceiving the FIC board over a Kuala Lumpur development project
KUALA LUMPUR: The former chief executive officer (CEO) of FELDA Investment Corporation Sdn Bhd (FIC) faced two charges at the Sessions Court today for deceiving the FIC board of directors.
The charges relate to the appointment of a company for a proposed commercial development project and the market valuation of 24 parcels of FELDA-owned land, 12 years ago.
Mohd Zaid Abdul Jalil, 55, pleaded not guilty and claimed trial after the charges were read out before Judge Rosli Ahmad.
According to the first charge, Mohd Zaid is accused of deceiving the FIC board in his capacity as CEO.
He allegedly misled the board into believing that Synergy Promenade Sdn Bhd was qualified to be appointed as Project Delivery Partner–Master Developer for the project “The Proposed Commercial Development On FELDA Lots In Jalan Semarak, Kuala Lumpur”.
He is said to have known that the company was only qualified to be appointed as Project Delivery Partner–Master Planner.
The alleged deception led the FIC board to approve Synergy Promenade’s appointment as Project Delivery Partner–Master Developer for the project, an approval it would not have given had it not been misled.
On the second charge, Mohd Zaid, in his capacity as CEO, is accused of deceiving the FIC board into believing that the market value of 24 FELDA-owned lots slated for commercial development, as reported by Firdaus & Associates Property Professionals Sdn Bhd, was RM330.96 million, when he knew the actual reported figure was RM691.7 million.
The Valuation and Property Services Department (JPPH) had initially estimated the market value of all the lots at RM180 million, and the accused also knew that JPPH had never given FELDA that initial estimate.
The deception purportedly induced the board to accept an offer from Synergy Promenade based on a minimum guaranteed return of RM500 million or 10 per cent of gross development value, whichever was higher, a decision the board would not have made had it not been deceived.
Mohd Zaid is accused of committing the offences at the Board Meeting Room, Level 50, Menara FELDA, Platinum Park, No. 11 Persiaran KLCC, on Jan 16 and April 29, 2014.
He is charged under Section 417 of the Penal Code, which carries a maximum of five years’ jail, a fine, or both, upon conviction.
Deputy public prosecutor Mohd Radzi Shah Ab Razak sought RM50,000 bail with one surety per charge, requiring the accused to report to the Malaysian Anti-Corruption Commission (MACC) office monthly and surrender his passport to the court.
