The Kuala Lumpur High Court today ordered FGV Holdings Bhd’s former chairperson Mohd Isa Abdul Samad and former group president and chief executive officer Mohd Emir Mavani Abdullah to pay over RM3.31 million to the company over the purchase of two units of luxury condominiums in the city.
Judge Mohd Arief Emran Arifin made the order after allowing a suit filed by FGV against Isa and Emir (above, right) in 2018 to claim compensation amounting to RM7.69 million over the purchase of the condominiums at Troika, Persiaran KLCC, which was said to be above the market price.
The judge held that the defendants wrongfully used and refurbished the units as it was not done according to the company’s procedures.
“They have also put their interest in conflict with the company and did not act in the best interest of the plaintiff.
“The second defendant (Emir) also had breached his duties by abusing the carpool system and petrol card. So, the defendants should be liable for the damages,” he said.
Judge Arief however, made it clear that the duo had not breached their duties in the acquisition of the units as it was done following the board’s resolution.
He also said the acquisition of the Troika units did not incur any losses to FGV as they were still owned by the company.
The judge ordered Isa to pay RM990,502 to FGV, inclusive of RM300,000 in exemplary damages and RM200,000 in costs, while Emir was to pay RM2,328,705.86, inclusive of RM 500,000 exemplary damages and RM200,000 in costs.
Judge Arief also noted that he was awarding such exemplary damages given the two men’s position in the company.
The decision was made via Zoom proceedings in the presence of lawyers Andrew Chiew, representing FGV, while lawyers Lavinia Kumaraendran and Mavin Thillainathan appeared for Isa, and lawyers Vincent Lawrance and Abdul Rahim Abdul Rahim acted for Emir.
- Bernama
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