FORMER FELDA Investment Corporation (FIC) chief executive officer Mohd Zaid Abdul Jalil today claimed trial to two charges of allegedly deceiving the company’s board over the appointment of a project developer and the valuation of 24 FELDA-owned land lots 12 years ago.
Mohd Zaid, 55, pleaded not guilty after the charges were read before Sessions Court Judge Rosli Ahmad.
“Not guilty, I claim trial,” he said while standing in the dock.
On the first charge, Mohd Zaid is accused of deceiving the FIC board into believing that Synergy Promenade Sdn Bhd was qualified to be appointed as Project Delivery Partner–Master Developer for the proposed commercial development on FELDA lots in Jalan Semarak, Kuala Lumpur.
He is alleged to have known that the company was only qualified to be appointed as the Project Delivery Partner–Master Planner.
The alleged deception resulted in the FIC board approving Synergy Promenade’s appointment as the project’s Project Delivery Partner–Master Developer.
On the second charge, Mohd Zaid is accused of deceiving the FIC board over the market valuation of 24 FELDA-owned land lots.
He allegedly caused the board to believe that Firdaus & Associates Property Professionals Sdn Bhd had reported a market valuation of RM330.96 million for the 24 lots, although he allegedly knew that the actual amount reported was RM691.7 million.
He is also accused of misleading the board into believing that the Property Valuation and Services Department (JPPH) had provided an indicative valuation of RM180 million for the 24 lots, although he allegedly knew that JPPH had never provided such a valuation to FIC.
The alleged deception resulted in the FIC board accepting an offer from Synergy Promenade involving a Minimum Guaranteed Return (MGR) of RM500 million or 10 per cent of the Gross Development Value (GDV), whichever was higher.
The two offences were allegedly committed at the FIC boardroom on Level 50 of Menara FELDA, Platinum Park, Persiaran KLCC, on Jan 16 and April 29, 2014.
Mohd Zaid was charged under Section 417 of the Penal Code, which carries a maximum five-year jail term, a fine, or both upon conviction.
Deputy Public Prosecutor Mohd Radzi Shah Abd Razak sought bail of RM100,000 for both charges, together with an order for Mohd Zaid to surrender his passport and report to the Malaysian Anti-Corruption Commission (MACC) once a month.
Defence lawyer Mohd Shahrullah Khan Nawab Zadah Khan sought a lower bail amount, saying his client had fully cooperated with MACC.
He said Mohd Zaid had also previously served as a prosecution witness for MACC twice, including in a case involving then FELDA chairman Datuk Seri Isa Samad.
“My client is also scheduled to perform umrah from Nov 4 to 14, and the travel arrangements were paid for in July,” he said.
“Therefore, I seek permission for the passport to be surrendered after Mohd Zaid returns from performing umrah.”
“I also seek bail of RM10,000 for each charge, or for two sureties to be imposed instead of a high bail amount,” he added.
After hearing submissions from both sides, Judge Rosli fixed bail at RM60,000 for all charges with one surety.
The court also ordered Mohd Zaid to surrender his passport and report to the MACC office once a month.
The case relates to allegations concerning the handling of 24 FELDA-owned land lots in Jalan Semarak and events surrounding the proposed commercial development on the site. - September 29, 2026
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