The Kuala Lumpur High Court today set March 19 to hear the application by five former non-executive directors of FGV Holdings Berhad (FGV) to suspend the summons proceedings filed by the company against them.
Counsel Fahda Nur Ahmad Kamar, who represented the five individuals, told reporters that the date was set by Judicial Commissioner Quay Chew Soon in his chambers today.
“We had applied for suspension of the proceedings of the suit while waiting for our appeal on the decision of the High Court on Nov 8 which cancelled our counterclaims against FGV and 10 others,” said Fahda Nur who was assisted by counsel Amanina Yusrina Ahmad Kamal.
The five individuals were Ismee Ismail, Wan Abdul Aziz Wan Abdullah, Sulaiman Mahbob, Nozirah Bahari and Fazlur Rahman Ebrahim.
On Nov 8 this year, judge Azimah Omar made a decision after allowing the application by FGV and the 10 others to cancel the counterclaim filed by five individuals against them regarding the alleged losses incurred in the acquisition of Asia Plantation Ltd. (APL) in 2014.
The five former directors were previously summoned by FGV which claimed RM514 million with regard to the alleged losses that arose out of the acquisition or alternatively, compensation or losses from the acquisition of APL and they later filed a counter-suit on the summons.
The five individuals as plaintiffs filed a counter-suit on Feb 11 by naming the company concerned and 10 others comprising the chairman and non-independent directors and non-executives of FGV as defendants.
The 10 individuals were Azhar Abdul Hamid, Mohd Hassan Ahmad, Othman Omar, Mohamed Nazeeb P Alithambi, Salmiah Ahmad, Hoi Lai Peng, Yusli Mohamed Yusoff, Nesadurai Kalanithi, Mohd Anwar Yahya and Mohamed Suffian Awang.
On Nov 23 2018, FGV filed a summons claiming RM514 million and other compensations against its former President and chief executive officer Mohd Emir Mavani Abdullah and 13 others regarding the APL acquisition in 2014.
According to the company’s statement to Bursa Malaysia, other individuals named as defendants were Mohd Isa Abdul Samad who was FGV chairperson at that time; former chief financial officer Ahmad Tifli Mohd Talha; former vice- president of Downstream Cluster Business Development Farisan Mokhtar and former senior general manager of Downstream Cluster Rasydan Alias Mohamed.
Nine others were former FGV non-executive director namely Ismee, Wan Abdul Aziz, Sulaiman Mahbob, Omar Salim, Noor Ehsanuddin Mohd, Harun Narrashid, Yahaya Abd Jabar, Faizoull Ahmad, Nozirah and Fazlur Rahman.
According to the company’s statement to Bursa Malaysia, the summons concerned the 100 percent acquisition of the equity interest in APL via the voluntary conditional cash offer in 2014. - Bernama
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