Plantation firm files police report against ex-Lembaga Tabung Haji chief, 4 others
Bernama
-December 14, 2018 10:28 PM
KUALA LUMPUR: Trurich Resources Sdn Bhd (Trurich) has lodged a police report against five individuals for allegedly misleading the company in the acquisition of oil palm plantations in Indonesia totalling US$58 million, between 2008 and 2009.
In a statement today, Trurich said they were a former Lembaga Tabung Haji CEO, two former CEOs of TH Plantations Bhd and two Indonesian nationals.
It said that TH had, in 2008, approved the acquisition of green and brown field oil palm plantations in Kalimantan Utara (Kaltara) and Kalimantan Tengah (Kalteng).
Trurich said it was used as a vehicle to acquire shares in the companies which owned the plantations.
“In the police report, it was stated that based on documents available such as minutes of TH’s board meetings, Trurich’s board meetings, investment panel papers, memorandums to the Prime Minister’s Department, reports and correspondence, it appeared that various misrepresentations were made and material information was withheld during the deliberations and decisions relating to the Kaltara and Kalteng transactions,” the statement said.
“The misrepresentations and withholding of material information were to the detriment of Trurich, which was misled into overpaying for both the Kaltara and Kalteng lands, as well as buying back shares it had already paid for,” it added.
At the time of the acquisition, Trurich said it was a wholly-owned subsidiary of TH.
In November 2009, FGV Holdings Berhad, through its subsidiary Felda Global Ventures Kalimantan Sdn Bhd, acquired a 50% stake in Trurich from TH.
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