KUALA LUMPUR – The former chief executive officer of Felda Investment Corporation Sdn Bhd (FIC) was hauled to the Sessions Court today, facing two cheating charges over the suppression of a RM691.7 million land valuation and the unauthorized appointment of a master developer 12 years ago.
Mohd Zaid Abdul Jalil, 55, pleaded not guilty and claimed trial after both charges were read out before Judge Rosli Ahmad.
According to the charge sheet, Mohd Zaid, acting in his capacity as CEO, deceived the FIC board of directors into believing that Synergy Promenade Sdn Bhd was qualified to be appointed as the Project Delivery Partner–Master Developer for “The Proposed Commercial Development On Felda Lots In Jalan Semarak, Kuala Lumpur.”
Prosecution alleges the accused knew the company was only qualified to serve as a Master Planner, but used the deception to induce the board into approving Synergy Promenade’s master developer appointment.
On the second charge, Mohd Zaid is accused of misleading the FIC board regarding the market value of 24 Felda-owned land parcels earmarked for commercial development.
He allegedly presented a valuation figure of RM330.96 million from property valuation firm Firdaus & Associates, despite knowing the firm’s actual reported figure was RM691.7 million—effectively concealing more than RM360 million in property value.
Mohd Zaid also lied that the Valuation and Property Services Department (JPPH) had provided an initial market estimate of RM180 million for the lands, despite knowing JPPH had never issued such an estimate to Felda.
The deception tricked the board into accepting an offer from Synergy Promenade featuring a minimum guaranteed return of RM500 million or 10 percent of gross development value (GDV)—a deal the board would have rejected had it not been misled.
The offences were allegedly committed at the FIC Board Meeting Room on Level 50, Menara Felda, Platinum Park on Jan 16 and April 29, 2014.
Charged under Section 417 of the Penal Code, Mohd Zaid faces up to five years’ imprisonment, a fine, or both upon conviction.
Deputy Public Prosecutor Mohd Radzi Shah Ab Razak requested bail at RM50,000 per charge with one surety, alongside orders for the accused to surrender his passport and report monthly to the Malaysian Anti-Corruption Commission (MACC).
Defense counsel Mohd Shahrullah Khan Nawab Zadah pleaded for a lower bail of RM10,000 per charge, citing his client’s financial distress and full cooperation, while requesting a delay on the passport surrender due to upcoming religious travel.
“We also seek the court’s permission for the accused’s passport to be surrendered only after he returns from umrah. It is from Nov 4 to 14 and was paid for in July,” his lawyer argued in court.
Judge Rosli set bail at RM60,000 with one surety for both charges, granted the prosecution’s additional reporting conditions, and fixed Oct 29 for document submission.
The prosecution marks a major breakthrough in MACC’s probe into the Kuala Lumpur Vertical City (KLVC) project—part of seven active investigation papers targeting systemic corruption, abuse of power, and asset misappropriation within Felda and FIC between 2010 and 2020. – September 29, 2026