Felda sues 12 former Pontian board of directors, including DAP life adviser
Felda Global Ventures Holdings Bhd (FGV) has filed a summons against several former board of directors from Pontian United Plantation Bhd (Pontian) for breach of trust over a RM29.14 million loss.
FGV had informed Bursa Malaysia a few days ago that it would file the summons against the 12 ex-directors from Pontian, reported Umno mouthpiece Utusan Malaysia.
The 12 defendants were named in the summons filed at the Kuala Lumpur High Court. They are Dr Chen Man Hin, Soo Lim Pang, Khoo Siong Kee, Soh Lim Chang, Soo Chong Veoy, Tan Kim Hai, Dr Wong Shiak Sun, Wong Loi, Khoo Lian Fue @ Khoo Bing Sing, Chew Ah Siong, Dr Christopher Chen Li Hsian and Dr John Chen Li Tat.
Utusan, quoting an anonymous source, said that the 12 defendants, including Man Hin, who is also DAP's life adviser, had abused their power in approving several transactions for personal gain on September 3, 2013.
The 12 had reportedly held an extraordinary board meeting in which they had suggested a RM28.7 million gratuity payout and a holiday budget of RM432,000 without FGV's knowledge.
The source was quoted as saying that the meeting was held a day after the RM1.2 billion acquisition of Pontian by FGV was finalised on September 2. The board of directors approved the RM29.14 million transaction four days later.
A police report was lodged on January 3.
On October 1, 2013, FGV president and chief executive officer Mohd Emir Mavani Abdullah announced that FGV had acquired shares in Pontian United Plantations to increase its farm storage. – January 10, 2014.
