FGV takes Isa Samad, 13 others to court over purchase of Asian Plantations

FGV Holdings’ former chairman and non-executive director Isa Samad.

PETALING JAYA: FGV Holdings Berhad is hauling 14 of its former directors and employees, including its former chairman Isa Samad, to court over losses incurred following the acquisition of Asian Plantations Limited (APL) in 2014.

In a filing with Bursa Malaysia, FGV is seeking RM514 million in damages over the group’s acquisition of 100% equity interest in APL via a voluntary conditional cash offer.

Other claims in the suit include general damages with 5% interest rate per annum from today until final settlement and further relief deemed “fit and proper” by the court.

“The company brought this action for loss suffered from their failure to discharge their respective fiduciary duty, duty of fidelity and duty to exercise reasonable care, skill and diligence.”

Apart from the former Negeri Sembilan menteri besar, FGV also named former non-executive directors Ismee Ismail and Sulaiman Mahbob.

FGV also said it is now assessing the financial impact arising from the litigation.

“However, there is no impact on existing operations.”