PETALING JAYA: Five former directors of FGV Holdings Bhd have filed a counterclaim against the company and its board of directors in a RM514 million legal suit.
The directors are Tan Sri Ismee Ismail, Tan Sri Wan Abdul Aziz Wan Abdullah, Tan Sri Sulaiman Mahbob, Datuk Nozirah Bahari and Datuk Fazlur Rahman Ebrahim.
According to FGV’s filing with the stock exchange, the counterclaim was due to the company’s wrong decision to initiate suit against them.
FGV said its solicitors are in the process of reviewing the counterclaim and advising the company on the matter.
“The company will make the necessary announcements on further developments of the legal proceedings as and when there is a material update.”
Recall that FGV had in last November initiated a suit against 14 former directors including former group president and CEO Datuk Mohd Emir Mavani Abdullah and former chairman Tan Sri Mohd Isa Abdul Samad in relation to the company’s acquisition of 100% equity interest in Asian Plantation Limited (APL) via a voluntary conditional cash offer in 2014.
FGV alleged that the former directors had failed to discharge their respective fiduciary duty, duty of fidelity and/or duty to exercise reasonable care, skill and diligence.
FGV is seeking relief against the defendants for damages totaling RM514 million for loss from the acquisition of APL or alternatively, damages for loss from the acquisition to be assessed by the court.