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MATERIAL LITIGATION ARBITRATION PROCEEDINGS BY MULTAZAM DEVELOPMENT SDN. BHD. AGAINST FGV PLANTATIONS (MALAYSIA) SDN. BHD. (FORMERLY KNOWN AS FELDA GLOBAL VENTURES PLANTATIONS (MALAYSIA) SDN. BHD.) ARBITRATION NO.: AIAC/D/ADM/-662-2019

FGV HOLDINGS BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
ARBITRATION PROCEEDINGS BY MULTAZAM DEVELOPMENT SDN. BHD. AGAINST FGV PLANTATIONS (MALAYSIA) SDN. BHD. (FORMERLY KNOWN AS FELDA GLOBAL VENTURES PLANTATIONS (MALAYSIA) SDN. BHD.) ARBITRATION NO.: AIAC/D/ADM/-662-2019

Further to our announcements dated 7 February 2024, 17 April 2019, 14 December 2018 and 13 November 2018, the Company wishes to update as follows:

  1. ​​On 7 May 2024, the solicitors for FGV Plantations (Malaysia) Sdn Bhd (“Respondent”) were served an Originating Summons dated 6 May 2024 in Kuala Lumpur High Court, Originating Summons No. WA-24C(ARB)-28-05/2024 (“OS”) by the solicitors for Multazam Development Sdn Bhd (“Claimant”).
  2. By the OS, the Claimant seeks relief under sections 37(1)(a)(iv) and/or 37(1)(a)(v) and/or 37(1)(a)(vi) and/or 37(1)(b)(i) and/or 37(2)(b)(ii) of the Arbitration Act 2005 and/or the inherent jurisdiction of the Court to set aside, in part or in whole, the Final Award of the Tribunal dated 11 January 2024.
  3. The matter is fixed for a case management via e-review on 21 May 2024.

The Respondent shall oppose the OS, which is not expected to have any material operational or financial impact on the Respondent or the Company.

 

Further announcements will be made from time to time in respect of any subsequent material development on this matter.

 

This announcement is dated 8 May 2024.






Announcement Info

Company Name FGV HOLDINGS BERHAD
Stock Name FGV
Date Announced 08 May 2024
Category General Announcement for PLC
Reference Number GA1-08052024-00037



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