Court orders Isa Samad, ex-official to pay FGV RM3.1mil over condo purchase
Published on: Friday, March 29, 2024
By: FMT
Justice Arief Emran Arifin said Isa Samad (left) and Emir Mavani Abdullah had not breached their duties in acquiring the condominium units, as it was done with the approval of the FGV Holdings Bhd board.
PETALING JAYA: The High Court in Kuala Lumpur today has ordered FGV Holdings Bhd’s former chairman Isa Samad and former group president and CEO Emir Mavani Abdullah to pay more than RM3.31 million to the company over the purchase of two luxury condominium units in the city.
According to Bernama, Justice Arief Emran Arifin made the order following a 2018 suit filed by FGV against Isa and Emir that sought compensation of RM7.69 million for the purchase of the condominiums at Troika, Persiaran KLCC, allegedly above the market price.
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The judge held that the defendants unlawfully used and refurbished the units, and this was not in accordance with the company’s procedures.
“They also put their interests in conflict with the company and did not act in the best interests of the plaintiff,” he was quoted as saying.
“The second defendant (Emir Mavani) also breached his duties by abusing the carpool system and petrol card.
“So, the defendants should be liable for the damages.”
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Justice Arief, however, clarified that the duo had not breached their duties in acquiring the units, as it was done with the board’s approval.
He said the acquisition of the Troika units did not result in losses for FGV, as the units remained company property.
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Isa was ordered to pay RM990,502 to FGV, including RM300,000 in exemplary damages and RM200,000 in costs.
Emir Mavani was to pay RM2,328,705.86, including RM500,000 in exemplary damages and RM200,000 in costs.
The judge said he was awarding such exemplary damages, considering the defendants’ positions in the company.
The ruling was delivered via Zoom, with Andrew Chiew Ean Vooi representing FGV, Lavinia Kumaraendran and Mavin Thillainathan representing Isa, and Vincent Lawrance and Abdul Rahim Abdul Rahim representing Emir Mavani.
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