Monday, September 19, 2016

O&G Emir to mess up another plantation company?

The way people get appointed for top post can be bewildering.

A friend send us this news report on the appointment of former FGV CEO, Datok Emir Mevani Abdullah in an advisory role at Tradewind.

His then appointment as CEO of FGV from an earlier position as Board Member of FGV to represent PEMANDU was itself questionable.

His integrity was first put into question for lying on his Phd degree. His professional background was in oil and gas and not oil from palm trees. In 2013, this blogger questioned then Minister Tan Sri Abdul Wahid Omar for mentioning him as one of the pride of Talent Corp

After leaving FGV for a questionable deal and it is not his first questionable deal (not going to rewrite it), this appointment came as a surprise. How long and successful has he been in the oil palm industry to give advise to another long time player in oil palm?

At the end of March this year, Emir Mavani left FGV with less than cheery note. Malay Mail Online dated March 30th reported:
KUALA LUMPUR, March 30 ― Malaysia's Felda Global Ventures Holdings Bhd, the world's third-largest palm plantation operator, said it was replacing its CEO ― a surprise move that comes after a failed controversial deal last year for it to buy into Indonesia's Rajawali Group.

Current Chief Executive Datuk Mohd Emir Mavani Abdullah, who has been in the job for three years, will be succeeded in April by the head of its downstream operations, Datuk Zakaria Arshad, a Felda Group veteran of 32 years, the company said in a statement.

It did not give a reason for the change.

Last year plans for Felda Global to buy 37 per cent of palm oil plantation firm PT Eagle High Plantations Tbk collapsed after politicians and investors blasted a US$680 million (RM2.69 billion) deal as an expensive favour for Indonesian tycoon Peter Sondakh, who controls the debt-burdened Rajawali Group, including Eagle High.

Read on here.
FGV just went for listing on an expansionary note but suddenly were talking about cost cutting restructuring. Extract from NST dated March 31st reported:
It is learnt that Zakaria, who is currently head of downstream operations, will beef up FGV’s core divisions such as plantation, processing and marketing after taking over from president and chief executive officer (CEO) Datuk Mohd Emir Mavani Abdullah tomorrow.

He is also expected to continue with cost-cutting plans as part of efforts to strengthen FGV’s performance and global standing. Zakaria is expected to share these initiatives with FGV staff on his first day as the new president and CEO.

It is understood that he is likely to carry out measures such as reshuffling the organisational structure, including portfolio restructuring.

Read in full here.
When Zakaria was on board, he confirmed the earlier reported in this Sundaily May 17th report below:
...Datuk Zakaria Arshad said the group will focus on increasing yield and oil extraction rate (OER) by "sweating" its existing assets, reducing cost, continue with its replanting programme and improve efficiency by reducing complexity.

"I believe we can get growth in our existing business that's why we want to focus on our existing business (palm operations). The growth will be through existing business, not through M&As for now.

"We are still a global business, we are still selling outside of Malaysia but for M&As we just want to pause. We want to stop for a while, maybe for this year, then look at it again," he said.

Zakaria said, however, negotiations on the acquisition of a stake in Indonesia's PT Eagle High Plantations Tbk are still ongoing but M&As are not a priority in his strategic direction for FGV.

Read on here because that is how a true blue plantation man talk like. Some plantation man can forecast profit by just knowing location, soil, terrain and weather.
At around the time, there was another annoying report from Rafizi [read in The Independent here]. Since it is Rafizi, take it with lots of salt, pepper, lemon and olive oil. It usually come with his own dressing of the truth but always keep an open eye.

The Star reported on July 28th of another plan:
PETALING JAYA: From going on an acquisition spree, Felda Global Ventures Holdings Bhd (FGV) is now a target company.

Having aborted the stake acquisition of Indonesia’s Eagle High Plantations Tbk, FGV has attracted suitors who are looking at a possible corporate exercise with the plantation group.

Among them is a strategic investment company affiliated with the Tradewinds Group, which is mulling over a stake purchase in FGV.

It is believed that there are overtures to FGV on a tie-up with Tradewinds, although it is still at a preliminary stage.

Read on here.
It means FGV is currently in a mess due to bad luck and bad strategy. Emir Mavani messed up on FGV's strategy.

People can always redirect blame to others for political sake, from Board Members to all the way to PM, but operational issue that translate into profit and losss lies in the hands of CEO and management. Unless it is too bizarre or obviously detrimental, Board Member usually stamp any proposal or plan of action from management.

If there had been hanky panky by his superior, Emir should have resigned. So balls in his side of the court, dude. Now that he failed at FGV, why is he taken in as Advisor to Tradewind?

First, no man is for all season especially the man who screw things up can't be the one to advise on how to mend things. Secondly, Tradewind and FGV are PLCs. Is he leaking information on FGV to the acquirer, Tradwind? Securities Commission ... are you guys awake?

It is heard that the whole NKRA team from Pemandu that joined FGV have fled to Tradewind together with Emir.

This is fodders to Mazlan Aliman and his PAS supported Anak NGO. He is now in PAN so it is giving PAN an issue to dwell on.

The Edge here has started picking on FGV. Though settlers is not FGV's responsibility but that of Felda proper, this will not go away. For heaven sake, not again please.

Talk is PPBM will want to take this up as issue. Former assistant to Tan Sri Isa Samad, Zahid Md Arip has joined the anti Najib side to avenge his sacking. Be prepared and cut off this Emir Mavani. If he lied about his degree, he cannot be entrusted.


pradeep kumar thief said...

Remember that his real indian name is PRADEEP KUMAR as explained by rockybru.
EPF lost billions in fgv buying crony companies. Pradeep Kumar is an UMNO thief.

Anonymous said...

Hai hai so hai, siapa yang jual saham FGV dengan rakus sejak IPO. There are only few GLI that hold FGV share about 5%. TH is one, EPF was but now no more, KWAP was but scale down following EPF. Siapa yang buat sell down FGV untuk sabotage FGV IPO price against valuation and indirectly blaming DS Najib. Suddenly lepas Emir Mavani belah suddenly suddenly terkejut FGV banyak buat profit. Funny funny commodities going south and keep blaming FGV under perform. Zakaria Arshad a favorite in FGV, Can he?

Keep on doing share manipulation to deceive minority shareholders just like how MAS public listed screwed up balance sheet giving the wrong reason for Corporate de-listing.

Anonymous said...

Lembaga Kemajuan Tanah Persekutuan (Felda) diiktiraf sebagai badan pembangunan tanah paling berjaya di dunia yang tidak dapat disaingi oleh badan pembangunan tanah di negara lain.

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