Berita Sabah

Pelangi Prestasi’s judicial review to be heard on Aug 23

Google+ Pinterest LinkedIn Tumblr

PETALING JAYA: The judicial review filed by a company linked to billionaire Tan Sri Syed Mokhtar Al-Bukhary against the Sabah state government and chief minister Datuk Seri Mohd Shafie Apdal has been fixed for hearing on Aug 23 in the Kota Kinabalu High Court.

Pelangi Prestasi Sdn Bhd, which is a unit of the Albukhary Group, is seeking to quash the Sabah state government’s decision to reject the issuance of fresh timber licences to the company in relation to Pelangi Prestasi’s proposed acquisition of Sabah Forest Industries (SFI).

Currently, loss-making SFI is placed under the receivership and management (R&M) of Grant Thornton Consulting Sdn Bhd.

Without the fresh timber licences, Pelangi Prestasi will not be able to proceed with the acquisition of SFI.

SFI/R&M has also applied for the admission of former Federal Court judge Datuk Seri Gopal Sri Ram as its counsel in the legal proceeding.

Recall that on April 4, 2018, Pelangi Prestasi entered into a sale and purchase agreement to acquire SFI, which was under receivership. Pelangi Prestasi had paid a 10% deposit of RM120mil for the asset.

Read more at https://www.thestar.com.my/business/business-news/2019/07/05/pelangi-prestasis-judicial-review-to-be-heard-on-aug-23/#KryMJqXvO00qDJFP.99

Write A Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.