Fgv Sues Ex Directors And Officers For Rm514m

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Felda Global Ventures Bhd (FGV) has filed a suit against 14 of its former directors or executives to recover RM514 million
The sum was to cover the losses due to the 2014 acquisition of Asian Plantation Limited (APL) – a Singapore-based company with assets in Sarawak but listed on the London Stock Exchange
According to a filing to Bursa Malaysia today, the company has accused the defendants of failing to discharge their respective fiduciary duty, duty of fidelity and/or duty to exercise reasonable care, skill and diligence
The 14 individuals are:Mohd Emir Mavani Abdullah – former group president/CEO and non-independent non-executive directorFarisan Mokhtar – former senior vice-president of business development for downstream clusterRasydan Alias Mohamed – former senior general manager, downstream clusterAhmad Tifli Mohd Talha – former CFOMohd Isa Abdul Samad – former chairperson and non-executive directorOmar Salim – former non-independent non-executive directorNoor Ehsanuddin Mohd Harun Narrashid – former independent non-executive directorYahaya Abd Jabar – former senior independent non-executive directorFaizoull Ahmad – former non-independent non-executive directorIsmee Ismail – former independent non-executive directorWan Abdul Aziz Wan Abdullah – former independent non-executive directorSulaiman Mahbob – former independent non-executive directorNozirah Bahari – former non-independent non-executive directorFazlur Rahman Ebrahim – former independent non-executive directorFGV had acquired APL for a total cash consideration of £120mil, or about RM628mil at the time, at a 5.4 percent premium over APL's weighted average price
Last year, FGV began investigating the deal due to, among others, allegations that much of the land acquired by APL was unsuitable for oil palm plantations
FGV was listed on the KLSE in 2012. It was the second biggest IPO in the world that year, with a reference price of RM4.55.The prospectus was launched by then prime minister Najib Abdul Razak
Soon after the IPO, FGV's share price went on a steady downtrend which has persisted until today. FGV's share price closed at RM1.17 today. - Mkini

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