June 19, 2017 / 6:42 AM / a year ago

Malaysia says FGV board had reasonable grounds to suspend execs

KUALA LUMPUR, June 19 (Reuters) - The Malaysian government said on Monday that an independent probe into Felda Global Ventures Holdings (FGV) found that the board had reasonable grounds to initiate disciplinary proceedings against four of the firms’ executives.

It noted, however, that nobody as yet had been found guilty of any wrongdoing.

FGV, the world’s third-largest palm plantation group, suspended its CEO, CFO and two other officials this month while it investigates transactions at a subsidiary. (Reporting by A. Ananthalakshmi; Editing by Edwina Gibbs)

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