Kuala Lumpur:The former CEO of FELDA Investment Corporation Sdn Bhd (FIC), Mohd Zaid Abdul Jalil, appeared in the Sessions Court facing two charges for allegedly deceiving the FIC board of directors.
According to BERNAMA News Agency, Mohd Zaid, 55, pleaded not guilty to the charges, which were read before Judge Rosli Ahmad. The allegations involve misleading the board regarding the qualifications of Synergy Promenade Sdn Bhd for a proposed commercial development project and the market valuation of 24 parcels of FELDA-owned land 12 years ago.
The first charge accuses Mohd Zaid of deceiving the board into believing that Synergy Promenade 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," although he knew the company was only qualified as Project Delivery Partner-Master Planner. This alleged deception led to the board's approval of Synergy Promenade's appointment.
The second charge involves misleading the board about the market value of 24 FELDA-owned lots, reported by Firdaus and Associates Property Professionals Sdn Bhd as RM330.96 million. Mohd Zaid allegedly knew the actual figure was RM691.7 million and that the Valuation and Property Services Department had never provided the initial estimate of RM180 million. This misrepresentation supposedly resulted in the board accepting an offer from Synergy Promenade based on a minimum guaranteed return of RM500 million or 10 percent of gross development value.
The alleged offenses occurred at the Board Meeting Room, Level 50, Menara FELDA, Platinum Park, on January 16 and April 29, 2014. Mohd Zaid is charged under Section 417 of the Penal Code, facing up to five years in jail, a fine, or both upon conviction.
Prosecutor Mohd Radzi Shah Ab Razak requested RM50,000 bail per charge, requiring Mohd Zaid to report monthly to the Malaysian Anti-Corruption Commission (MACC) and surrender his passport. His lawyer, Mohd Shahrullah Khan Nawab Zadah, requested RM10,000 bail per charge, citing his financial difficulties and cooperation. The court set bail at RM60,000 with the prosecution's conditions and allowed the passport to be surrendered after an umrah trip from November 4 to 14.
The MACC has opened six new investigation papers into allegations of misappropriation, abuse of power, and corruption involving FELDA and FIC, focusing on asset purchases and investments from 2010 to 2020. The Kuala Lumpur Vertical City investigation is part of these probes.