FGV unit starts arbitration against Twin Wealth

The board is investigating six matters on FGV

KUALA LUMPUR: FGV Holdings Bhd’s unit (FGVH), FGV Trading Sdn Bhd, has commenced arbitration proceedings under the auspices of the Palm Oil Refiners Association of Malaysia (Poram) against Macau-based Twin Wealth Macao Commercial Offshore Ltd relating to a US$14.62mil (RM60.83mil) sales contract.

According to a filing to Bursa Malaysia, FGVH said FGV Trading had entered into various contracts in November and December 2017 with Twin Wealth for the sale of 21,765 tonnes of refined, bleached and deodorised palm olein in bulk for US$14.62mil.