by BERNAMA / pic by MUHD AMIN NAHARUL
The application by five former non-executive directors of FGV Holdings Berhad (FGV) for a stay of proceedings of the suit filed by the company against them over losses incurred in the acquisition of Asia Plantation Ltd. (APL) in 2014 will be heard on May 15.
Lawyer Fahda Nur Ahmad Kamar, representing the five individuals, informed Bernama on the date when contacted today.
She said the matter would be heard before High Court Judicial Commissioner Quay Chew Soon.
“My clients had applied a stay of proceedings of the suit pending their appeal of the High Court’s decision in striking out their counter claim against FGV and 10 others.
“However, no date has been fixed to hear the appeal at the Court of Appeal,” she added.
The five individuals are Tan Sri Ismee Ismail, Tan Sri Wan Abdul Aziz Wan Abdullah, Tan Sri Sulaiman Mahbob, Datuk Nozirah Bahari and Datuk Fazlur Rahman Ebrahim.
On Nov 8, last year, the High Court allowed an application by FGV and 10 others to struck out the counter claim filed by the five former directors, who were named the plaintiffs in a suit filed by FGV to claim RM514 million over losses incurred by the company following the acquisition of APL.
They filed the counter claim on Feb 11, 2019, naming FGV and 10 others as defendants.
The 10 others named were Datuk Azhar Abdul Hamid, Mohd Hassan Ahmad, Datuk Dr Othman Omar, Dr Mohamed Nazeeb P. Alithambi, Datuk Dr Salmiah Ahmad, Datin Hoi Lai Peng, Datuk Yusli Mohamed Yusoff, Dr Nesadurai Kalanithi, Datuk Mohd Anwar Yahya and Datuk Mohamed Suffian Awang.
On Nov 23, 2018, FGV sued its former president and chief executive officer Datuk Mohd Emir Mavani Abdullah and 13 others for RM514 million and other damages.
Four of the defendants were then FGV chairman Tan Sri Mohd Isa Abdul Samad, former chief financial officer Ahmad Tifli Mohd Talha, former vice president (Downstream Business Development Cluster) Farisan Mokhtar, and former senior general manager (Downstream Cluster) Rasydan Alias Mohamed.
Nine others were former non executive directors – Ismee, Wan Abdul Aziz, Tan Sri Sulaiman Mahbob, Datuk Omar Salim, Datuk Noor Ehsanuddin Mohd Harun Narrashid, Datuk Yahaya Abd Jabar, Datuk Faizoull Ahmad, Nozirah and Fazlur Rahman.
In a filing with Bursa Malaysia, the company said the suit concerned the company’s acquisition of 100 per cent equity interest in APL through a voluntary conditional cash offer in 2014.