FGV HOLDINGS’ 5 FILE COUNTERCLAIM

Ex-directors, top management to fight company’s suit against them

FIVE of 14 FGV Holdings Bhd’s former directors and members of the top management have filed a counterclaim against the company yesterday.

In a filing to Bursa Malaysia, FGV said the former directors were Tan Sri Ismee Ismail, Tan Sri Wan Abdul Aziz Wan Abdullah, Tan Sri Sulaiman Mahbob, Datuk Nozirah Bahari and Datuk Fazlur Rahman Ebrahim.

In November last year, FGV had initiated legal action against the 14 former directors and top management it believes to be responsible for a bad deal four years ago. The group is seeking to recover a RM514 million loss from its RM1.1 billion acquisition of London-listed Asian Plantation Ltd (APL) in 2014.

FGV said the defendants had filed a counterclaim against the company and chairman Datuk Azhar Abdul Hamid and directors Mohd Hassan Ahmad, Datuk Dr Othman Omar, Dr Mohamed Nazeeb P. Alithambi, Datuk Dr Salmiah Ahmad, Datin Hoi Lai Ping, Datuk Yusli Mohamed Yusoff, Dr Nesadurai Kalanithi, Datuk Mohd Anwar Yahya and Datuk Mohamed Suffian Awang.

The defendants brought the counterclaim against FGV for wrongfully deciding to initiate the company’s suit against them.

Further, the counterclaim seeks, among others, declaration that the company and the counterclaim defendants are liable for the loss of RM514 million, to indemnify any damages imposed against them, general damages, interest rate of five per cent per annum on the damages awarded by the court starting from yesterday until the date of full and final settlement, as well as costs and other relief.

“The company’s solicitors are in the process of reviewing the counterclaim and advising the company on the same.

“The company will make the necessary announcements on further developments of the legal proceedings as and when there is a material update,” said FGV.