The dispute between Indonesia’ PT Rajawali Capital International and the Federal Land Development Authority (Felda) over the former’ decision to sell back its shares in PT Eagle High Plantations Tbk (BWPT) is at the arbitration stage, said the Malaysia’ economy minister in a letter to Dewan Rakyat on Tuesday (July 28).
The statement from Datuk Seri Mustapa Mohamed came after the parliament asked about the main terms and conditions in Felda’ acquisition of shares in the company owned by Indonesian tycoon, Peter Sondakh, worth of US$505 million. The state-owned firm filed a notice in April of 2019 to sell back its 37% stake in Eagle High to Rajawali Group.
Last year, the management of Felda said there has been a cheating on the shares sales of Eagle Plantations. The director general, Othman Omar, submitted a police report, claiming that it was cheated into entering into a one-sided deal for the purchased three years ago.