save malaysia!
Court rules FGV’s former chairman, ex-CEO wrongfully use luxury condos
savemalaysia
Publish date: Fri, 29 Mar 2024, 11:37 AM
KUALA LUMPUR (March 29): FGV Holdings Bhd’s former chairman Tan Sri Mohd Isa Abdul Samad and its former chief executive Datuk Mohd Emir Mavani Abdullah wrongfully used two luxury condominium units acquired by the company, the High Court ruled on Friday.
The use and refurbishment of The Troika units located in Kuala Lumpur city centre contravened company procedures, High Court judge Datuk Mohd Arief Emran Arifin said, and ordered Mohd Isa to pay RM990,502 to FGV and Mohd Emir to reimburse RM2.32 million to the company.
The amount to be paid includes exemplary damages — RM300,000 by Mohd Isa and RM500,000 by Mohd Emir — given their positions within the company, the judge noted.
The decision caps a lawsuit filed in November 2018 which alleges Mohd Isa and Mohd Emir had taken steps that led to the acquisition of The Troika condominium units originally meant for the accommodation of FGV's business associates or guests.
However, after the units were bought, they were renovated, furnished, and maintained for the use of Mohd Isa and Mohd Emir and their family members.
On Friday, the court found that the duo had not acted in FGV's interest when it came to the use and refurbishment of these units.
"They have also put their interest in conflict with the company and did not act in the best interest of the plaintiff," the High Court judge ruled.
'Purchase of units were in line with board's resolution’
The court, however, also ruled that the duo did not breach their duties as the mere purchases of the units were in line with the board's resolution.
With regards to the purchase, Mohd Emran ruled that FGV failed to prove that the duo had breached their duty, and noted that FGV still owned the units.
"Secondly ... the company has not suffered any damages over the acquisition of The Troika units as [they] are still owned by the plaintiff and no losses have been realised," he said.
Mohd Emir breached duties by abusing FGV's carpool and petrol card systems
The court also found that Mohd Emir had breached his duties by abusing the company's carpool system and use of petrol cards.
The court awarded RM200,000 in costs per defendant.
The group was claiming RM5.134 million from the duo for the purchase of the condominiums, and another RM3.283 million from Mohd Emir for the alleged misuse of five company cars and petrol benefits.
Lawyers Andrew Chiew and Hoi Jack S'ng appeared for FGV, while Mohd Isa was represented by Lavinia Kumaraendran and Mavinthra Jothy Thillainathan. Mohd Emir was represented by Vincent Lawrence and Abdul Rahim Abdul Rahim.
https://www.theedgemarkets.com/node/706288
More articles on save malaysia!
KKB by-election: Zahid calls for all parties to stop circulating old videos, open new chapter
Created by savemalaysia | Apr 27, 2024
For Muhyiddin, the KKB by-election will be a referendum against PH-BN
Created by savemalaysia | Apr 27, 2024
KKB by-election: voters should choose stability, says Fadillah
Created by savemalaysia | Apr 27, 2024
Umno, BN open to maintaining current political setup for national stability, says Zahid
Created by savemalaysia | Apr 27, 2024
Sabah on track to reach 2.8 million tourist arrivals target, says Liew
Created by savemalaysia | Apr 27, 2024
CM: New RM1.2b cement factory in interior of Sabah will create 1,000 jobs
Created by savemalaysia | Apr 27, 2024
Discussions
Be the first to like this. Showing 0 of 0 comments
Post a Comment
Featured Posts
Apps
Top Articles
1
2
RHB Investment Research Reports
3
save malaysia!
4
5
6
CEO Morning Brief
YTL Corp Rallies to New All-time High After HLIB Flags More Upside
7
BFM Podcast
8
BFM Podcast
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
MQ Trading Signals
Stock
Time
Signal
Duration
No trading signals available.
Stock
Time
Signal
Duration
No trading signals available.
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
