Isa Samad trial: FIC hotel purchase not according to Felda's mandate - witness

The Kuala Lumpur High Court today heard that the purchase of Merdeka Palace Hotel & Suites (MPHS) in Sarawak by Felda Investment Corporation Sdn Bhd (FIC) did not adhere to the mandate set by Felda.

Former FIC chief executive officer Mohd Zaid Abdul Jalil said this was as Felda had set that any investment exceeding RM100 million must first be brought to the Felda board of directors (BOD) for approval.

According to Zaid, FIC did not obtain the Felda board’s approval for the takeover of the RM160 million Kuching hotel, as decided by its then chairperson Isa.

“It definitely did not follow Felda's mandate.