KUALA LUMPUR — Dec. 21, 2018: Former FGV Holdings chairman Tan Sri Mohd. Isa Samad and eight others have been ordered by a court today to file their statements of defence in a suit by the company to recover a RM514-million loss over its acquisition of London-listed Asia Plantation Ltd. (APL) in 2014.
They have to do so by January 31, with the case management set for February 12,
Besides Isa, the rest are former president and CEO Datuk Mohd. Emir Mavani Abdullah, former senior general manager (downstream cluster) Rasydan Alias Mohamed, former chief financial officer Ahmad Tifli Mohd. Talha and five former FGV non-executive directors — Tan Sri Ismee Ismail, Tan Sri Wan Aziz Wan Abdullah, Tan Sri Sulaiman Mahbob, Datuk Nozirah Bahari and Datuk Fazlur Rahman Ebrahim.
Lawyer Lavinia Kumaraendran, representing Isa, said five other defendants have yet to receive the statement of claims. They are former vice-president (business development of downstream cluster) Farisan Mokhtar and four former other non-executive directors — Datuk Omar Salim, Datuk Noor Ehsanuddin Mohd. Harun Narrashid, Datuk Yahaya Abd. Jabar and Datuk Faizoull Ahmad.
FGV Holdings initiated the legal action last month for the loss suffered from the failure of the defendants to discharge their fiduciary duty, duty of fidelity and/or duty to exercise reasonable care, skill and diligence.
According to the company’s statement to Bursa Malaysia, the suit is over the company’s acquisition of 100 per cent equity interest in APL via a voluntary conditional cash offer.
FGV is seeking, among other things, relief from the defendants for damages totalling RM514 million for loss from the acquisition and, alternatively, damages for loss to be assessed by the court. — Bernama