November 24, 2018 / 2:57 AM / 18 days ago

Malaysia's FGV files suit against former CEO, chairman

KUALA LUMPUR, Nov 24 (Reuters) - Malaysian palm oil producer FGV Holdings Bhd commenced legal proceedings against 14 individuals including its former group CEO and chairman for damages totalling 514 million ringgit ($122.6 million) for losses from an acquisition deal.

The group said in a bourse filing on Friday evening that it was suing former group president and CEO Mohd Emir Mavani Abdullah, former chairman Mohd Isa Abdul Samad as well as some other former board directors and employees.

The suit relates to the 2014 acquisition of a 100 percent equity stake in Asian Plantation Ltd, an oil palm plantation group listed on the London Stock Exchange’s Alternative Investment Market, via a voluntary conditional cash offer.

“The company brought this action for loss suffered from their failure to discharge their respective fiduciary duty, duty of fidelity and/or duty to exercise reasonable care, skill and diligence,” FGV said in the statement.

FGV said there was no impact on existing operations. ($1 = 4.1920 ringgit) (Reporting by Liz Lee; Editing by Stephen Coates)

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