The High Court in Kuantan today dismissed an application filed by eight Felda settlers for an injunction to prevent Koperasi Permodalan Felda (KPF) from disposing of its equity in Felda Holdings Bhd (FHB) to Felda Global Ventures Holdings Bhd (FGVH).

Judge Mariana Yahya delivered the decision in her chambers after hearing submissions from the lawyers representing the eight settlers and KPF.

KPF was represented by J Doshi while Mohd Harris Abdullah acted for the settlers.

The eight settlers, who are also members of KPF, had on Feb 17 filed for the injunction before the Kuantan High Court to restrain KPF from making any decision to dispose of all or part of the equity to FGVH at its extraordinary general meeting scheduled for Feb 22.

 

Among the reasons they gave was that the proposal by KPF to dispose of the equity worth RM3.13 billion it owned in FHB and its subsidiaries to FGVH was not beneficial to them and shareholders of KPF.

Harris later told reporters that Justice Mariana had said it was premature for an injunction to be issued against the equity disposal as KPF delegates had only planned to discuss the matter and no decision had been made yet.

He said the judge also found that the plaintiffs’ allegations that KPF owned 51 percent of the shares in FHB, allegedly worth RM3.13 billion, were not based on solid evidence but only from hearsay and estimation.

“The judge also said the court was not the proper forum for such matters as cooperative issues should be taken to the Malaysia Cooperative Societies Commission (MCSC),” Harris added.

- Bernama