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Boustead Holdings sues former chairman, other senior executives

TheMole
Written by TheMole

KUALA LUMPUR — Aug. 11, 2020: Boustead Holdings Berhad has filed a suit against its former chairman Mohd. Ghazali Che Mat, former managing director Che Lodin Wok Kamaruddin and four others for alleged breach of fiduciary duty under the Companies Act.

The company filed the suit on June 29 through Messrs Christopher & Lee Ong.

Besides Ghazali and Che Lodin, the company named former directors Azzat Kamaluddin, Tan Leh Kiah, Ghazali Mohd. Ali and Dr. Megat Abdul Rahman Megat Ahmad as defendants.

The company is seeking declarations that the defendants are jointly and severally negligent, having breached their fiduciary obligations as directors and/or officers under the Companies Act.

Boustead Holdings is also seeking a declaration that the defendants jointly and severally should pay £6.4 million (RM35 million) to the plaintiff or other sums deemed fit by the court.

The plaintiff is further seeking equitable compensation, general damages, exemplary damages, aggravated and punitive damages, costs and other relief deemed necessary.

The case was fixed for case management today before civil High Court Judge Rohani Ismail who decided to transfer it to the commercial High Court.

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