RM120 million Suit against Sabah Forest Industries and Receiver

1 October 2021 – The Edge Malaysia reported on the writ filed against Sabah Forest Industries Sdn Bhd (SFI) and three others over the termination of its sales and purchase agreement (SPA) to acquire SFI, and is seeking a return of RM120 million it had deposited in SFI for the takeover, and profits gained.

Besides SFI, which is under receivership, Pelangi Prestasi also named Datuk CR Narendrakumar, Grant Thornton Consulting Sdn Bhd and Lai Chee Chuen as the other defendants in its suit.

This legal action is in addition to an earlier one Pelangi Prestasi filed in 2019 over the then Sabah government's decision to halt its takeover of SFI, and for imposing a new set of preconditions in granting timber licences in the state.

Dato' Lim Chee Wee, Muayyad Khairulmaini and Wong Chee Chien are acting in this matter.