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Finance Dept unaware hotel purchase not approved by Felda, says witness | Malay Mail

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KUALA LUMPUR, Oct 8 — Felda’s Finance Department was not aware that Felda Investment Corporation Sdn Bhd (FICSB)’s purchase of Merdeka Palace Hotel & Suites (MPHS) in Kuching, Sarawak, worth RM160 million, did not have the approval of its board of directors (BOD). Former...

Tuesday, 08 Oct 2019 06:28 PM MYT

Former Felda finance director Mohd Shahrin Mohd Ali, 50, told the High Court here today that an application from FICSB, a subsidiary of Felda, for an advance of RM1 million and RM1.88 million to purchase the hotel, made no mention of any approval for the deal. The witness said Felda’s finance department would not have approved the advance payment to FICSB had it known that the purchase did not get the approval of the BOD.

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