KUALA LUMPUR (April 18): FGV Holdings Bhd said its two wholly owned units that are being sued for alleged fraudulent transactions and trespass relating to land in Sabah held under a native title, "strongly refute" the claim.
The units intend to fully defend themselves are in the process of engaging lawyers to represent them in the matter, FGV said in a filing with Bursa Malaysia on Tuesday (April 18).
On April 12, FGV announced that the two sub-subsidiaries, Sri Kehuma Sdn Bhd and Yapidmas Plantation Sdn Bhd, had been served with a writ of summons dated March 13 by an individual named Euggne Kousai.
Claiming to be the registered owner of the 41 parcels of land held under native title, Euggne is seeking damages of RM24.92 million.
Providing additional information on the matter in its filing, FGV said it acquired Sri Kehuma and Yapidmas Plantation for RM188.36 million and RM376.21 million, respectively.
The expected financial impact on FGV and its subsidiaries is the amount claimed by Euggne, said the plantation group.
It added that during the case management held on April 13, the Kota Kinabalu High Court fixed May 15 for e-review.
FGV shares gained 1.35% or two sen to RM1.50 on Tuesday, valuing the group at RM5.47 billion.