The High Court allows Pelangi Prestasi Sdn Bhd to proceed with its suit against Lee & Man Paper Manufacturing Ltd and Grant Thornton Consulting Sdn Bhd. FMTNews SFI Sabah
KUALA LUMPUR: The High Court here has allowed a company linked to businessman Syed Mokhtar Albukhary to proceed with its suit against two parties over the proposed takeover of Sabah Forest Industries Sdn Bhd.
The report said Lee & Man Paper, a China-based firm, was appointed by the Warisan-led Sabah government to take over SFI while Grant Thornton is involved in the restructuring of firms.Pelangi Prestasi’s counsel Lim Chee Wee told The Edge that the judge had allowed the company’s injunction to restrain the implementation of a new set of pre-conditions for timber licences by the Sabah government.
The deal would allow Syed Mokhtar’s firm to control SFI, including all assets, land titles and timber licences. Pelangi Prestasi also went to court over the state government’s decision not to issue fresh timber licences to SFI, and for imposing new sets of preconditions for granting these licences.
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