June 19, 2017 4:17 pm JST

Malaysia says FGV board had reasonable grounds to suspend execs

A Felda signage at the Felda headquarters outside Malaysia's capital Kuala Lumpur © Reuters

KUALA LUMPUR (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.

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