KUALA LUMPUR (Feb 7): Plentiful Gold Class Bhd (PGCB) chairman Tan Sri Lee Kim Yew has relented to the demands made by the MSWG in their letter earlier this week in relation to Country Heights Growers Scheme's (CHGS) proposed voluntary termination.
The MSWG had on Monday sought for a postponement of a general meeting by PGCB with investors of the Country Heights
Growers Scheme (CHGS), an oil palm farm-sharing investment scheme.
The MSWG had presented counter-proposals on behalf of the investors, asking, among others, for a postponement of the meeting to give it more time to iron out "pressing issues".
Speaking at a press conference today, Lee said that he would fork out RM25 million to the voluntary termination scheme on condition that the resolution passes through tomorrow.
This RM25 million comes on the back of MSWG's demand that PGCB pays its growers a 12% dividend by Feb 14.
"We don't pay out dividend because this scheme is a trust. But out of goodwill, I will fork out RM25 million if the resolution
pass through tomorrow and the growers will have to convene a meeting to decide whether to take this money," explained Lee.
He also told the media that he will ensure that the growers will receive the money due from the termination of the scheme within six months, as requested by MSWG.
"In my personal capacity, I will ensure that the growers will be compensated within six months instead of the two year timeline stipulated in the circular.
"If the company cannot come up with the money within the six months, I will find ways to repay them myself," he said
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