The source said at a Felda board meeting in January 2013, one of the suspects was asked to submit a detailed report on investment in the project. “He then signed an agreement with a sturgeon farming company in South Korea worth US$45 million (RM146.25 million) without the knowledge of the Felda board,” the source said. MACC director of investigations Datuk Simi Abd Ghani, when contacted, confirmed the arrests and added that MACC had also seized key documents relating to the project to assist investigations. The report also revealed the contract signed by FCSB with the Korean company was unfavourable to Felda. Felda could have earned an interest of US$480,000 at a fixed deposit rate of 3% in the two months instead, the report added.

Source: The Edge Markets January 25, 2017 00:50 UTC