In a ruling today, the High Court has ordered former FGV Holdings Berhad Chairman, Tan Sri Mohd Isa Abdul Samad, and former Group President and Chief Executive Officer, Datuk Mohd Emir Mavani Abdullah, to pay over RM3.31 million to the company in connection with the purchase of two luxury condominium units in the capital city.
Judge Datuk Mohd Arief Emran Arifin made the decision after allowing FGV’s application against Mohd Isa and Mohd Emir Mavani in 2018 to seek compensation of RM7.69 million involving the purchase of condominiums at Troika, Persiaran KLCC, which were alleged to exceed the market price.
The court found that the defendants improperly used and renovated the units as it was not done following company procedures.
“They have also put their interests in conflict with the company and did not act in the best interest of the plaintiff.
“The second defendant (Mohd Emir) also breached his duties by misusing the carpool system and petrol cards. Therefore, the defendants must be held responsible and must pay compensation,” he said.
However, Mohd Arief explained that both defendants did not breach their duties in the purchase of the units as it was done according to the Board’s resolution.
He said FGV did not suffer any loss in connection with the purchase of Troika units as they are still owned by the company.
The court ordered Mohd Isa to pay RM990,502 to FGV including RM300,000 exemplary damages and RM200,000 as costs, while Mohd Emir must pay RM2,328,705.86 including RM500,000 exemplary damages and costs of RM200,000.
Mohd Arief said such exemplary damages were imposed considering their positions in the company.
The decision was made through Zoom proceedings attended by lawyer Andrew Chiew Ean Vooi representing FGV, while Lavinia Kumaraendran and Mavin Thillainathan represented Mohd Isa, and Vincent Lawrance and Abdul Rahim Abdul Rahim represented Mohd Emir.
