KUALA LUMPUR: FGV Holdings Berhad has filed a suit against its former chairman Mohd Isa Abdul Samad and former group president and CEO Mohd Emir Mavani Abdullah over the acquisition of two luxury condominium units on Persiaran KLCC here.
FGV announced the legal proceedings against the duo in a filing with Bursa Malaysia dated yesterday.
The company claimed that the units were bought at prices significantly above market value and without proper due diligence, and that both individuals had unauthorised use and possession of the properties.
The suit also pertained to the acquisition by the company of a number of cars and their alleged misuse by Emir, as well as the alleged misuse of petrol benefits by him.
The company held that it had suffered losses due to their failure to discharge their respective fiduciary duties and duty to exercise reasonable care, skill and diligence.
Among others, the company is seeking some RM7.68 million and other reliefs from both men.
The legal proceedings were initiated in the Kuala Lumpur High Court.
(This is the second civil suit filed against Isa and Emir. On Nov 23, FGV filed a suit against Isa, Emir and 12 others in relation to the acquisition of Asian Plantation Ltd for RM514mil in 2014, claiming it suffered losses.)