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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 8 May 2024, 7 February 2024, 17 April 2019, 14 December 2018 and 13 November 2018, the Company wishes to update that the Tribunal has, following the request of the Respondent pursuant to Article 39 of Part II of the AIAC Arbitration Rules 2018 and Section 35(4) of the Arbitration Act 2005, rendered an Additional Award dated 6 May 2024 (“Additional Award”) which was received by the Respondent’s solicitors on 9 May 2024.

 

By the Additional Award, the Tribunal made the following additional award:

  1. The sum of RM86,341.45 awarded in favour of the Claimant is set off and deducted as of the date of the Final Award against the sum of RM152,864.15, being the sum due by the Claimant to the Respondent as adjudged/awarded/ordered in favour of the Respondent in Adjudication Proceedings No. 1, Adjudication Proceedings No. 2 and the Subsequent High Court Actions and as agreed by parties in the Amended Agreed Statement of Facts dated 12 May 2021 to be set off.
  2. The interest awarded in favour of the Claimant to be paid by the Respondent in respect of the said sum of RM86,341.45 is calculated to result in a zero sum payable.

The Additional Award has no operational or financial implication to the Respondent.

 

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

 

This announcement is dated 10 May 2024.






Announcement Info

Company Name FGV HOLDINGS BERHAD
Stock Name FGV
Date Announced 10 May 2024
Category General Announcement for PLC
Reference Number GA1-10052024-00069



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