Mohamad Isa Abdul Samad, Federal Land Development Authority (Felda) chief from 2011 to 2017, had been found guilty of nine counts of bribery in 2021 for illegally receiving about 3 million ringgit ($741,840) linked to the purchase of a hotel. He has denied wrongdoing.
On Wednesday, a three-member bench of the Court of Appeal reversed the verdict, finding there was merit in his challenge, Bernama reported.
At a televised news conference, his lawyer, Salehuddin Saidin, said the court had concluded there was no testimony that linked Mohamad Isa to the alleged bribery. Mohamad Isa said he was grateful and relieved by the decision.
The acquittal comes amid criticism of Prime Minister Anwar Ibrahim's administration over a string of dropped graft cases involving leaders linked to the United Malay National Organisation (UMNO), which partnered with Anwar to form a government in November 2022.
Anwar has said he does not interfere in court cases.
Felda has been dogged by allegations of corruption and poor management for years, sending its losses and debts soaring over the past decade.
In 2017, Mohamad Isa was replaced as chairman of Felda and listed unit FGV Holdings, one of the world's largest palm oil plantation operators, amid reports of suspicious transactions and deals at both entities.
A government inquiry in 2019 cited mismanagement and bad investments among reasons for Felda's troubles. The finance ministry last year said the government has agreed to restructure its debts through the issuance of sukuk and revolving credit.
(Reporting by Rozanna Latiff; Editing by Martin Petty)
