00:00 The High Court in Kuala Lumpur has ordered FGV Holdings, Berhad's former chairman Tan
00:05 Sri Muhammad Issa Abdul Samad and former chief executive officer Datuk Muhammad Emir Mawani
00:11 Abdullah to pay more than 3.35 million ringgit to the company.
00:16 Judge Datuk Muhammad Arief Emran Arifin issued the order in response to a lawsuit filed by
00:22 FGV in 2018 seeking 7.69 million ringgit in damages for the purchase of condominiums in
00:30 Troika, Persia and KLCC, which were allegedly acquired above the market price.
00:36 The judge found that the defendants had wrongly used and renovated the units as it was not
00:40 done in accordance with the company's procedures.
00:44 He said the defendants should be held liable for the damages as they have put their interest
00:48 in conflict with the company and they were not acting in the plaintiff's best interests.
00:54 Judge Muhammad Arief added that Muhammad Emir had also breached his duties by abusing the
00:59 carpool system and petrol card.
01:02 However, the judge clarified that the duo did not contravene their duties in procuring
01:06 the units as the acquisition was sanctioned by the board.
01:10 He added that the acquisition did not result in any financial loss to FGV as the units
01:15 remained under the company's ownership.
01:18 Subsequently, Muhammad Issa was ordered to pay over 990,000 ringgit to FGV, including
01:25 300,000 ringgit in exemplary damages and 200,000 ringgit in costs.
01:32 Muhammad Emir was directed to pay over 2,322,000 ringgit, inclusive of 500,000 ringgit in exemplary
01:40 damages and 200,000 ringgit in costs.
01:45 Judge Muhammad Arief also deemed it fitting to award exemplary damages, considering the
01:50 high-ranking positions held by the defendants in the company.
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