KUALA LUMPUR: Felda board of directors authorised a loan of RM100mil in 2015 to its investment arm to pay for the purchase of an RM160mil hotel in Kuching, despite the absence of paperwork to seek approval of the board for the purchase, the High Court heard on Wednesday (Oct 9).
Former Felda director-general Datuk Hanapi Suhada confirmed that no paperwork seeking approval for the purchase was ever tabled by Felda Investment Corporation Sdn Bhd (FIC) at any Felda board of directors meeting.
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