KUALA LUMPUR (Oct 1): The lawyer for FGV Holdings Bhd’s former chairman Tan Sri Mohd Isa Abdul Samad today disputed the credibility of the surveyor who valued two luxury condominiums at the centre of the company’s lawsuit against Mohd Isa.

Lawyer Mavinthra Jothy Thillainathan argued that Foo Gee Jen, the group managing director of property consultancy firm C H Williams Talhar & Wong Sdn Bhd, had not provided substantial basis to the court as to how he arrived at the tabulations and figures in his valuation of the two condominium units at The Troika, KLCC.    

The condominium units are the main subject matter of FGV's civil suit against Mohd Isa and the company's former president and group CEO Datuk Mohd Emir Mavani Abdullah.
 
FGV claims that the condominium units were bought at an inflated price.  
 
However, the defendant contended that the very basis of the evidence provided by the surveyor appointed by FGV to support the fact that the properties were bought at over market price, is in question.  

"For all intents and purposes, it's as if he is just taking data from the property valuation department and condensed it in a report. That's why we're saying it's not an expert report," Thillainathan told theedgemarkets.com after today’s hearing, during which he cross-examined Foo.  
 
"On top of that, there were numerous instances in which we had pointed glaring inconsistencies in his report — the details on the storey plan, the particulars that he has furnished in his report, we say do not tally with the details that are in the official site plan and storey plan," he added.  

Foo, a chartered surveyor, was appointed by FGV in 2018 to assess the market value and market rental of the Troika units for the purpose of litigation.  

Following his assessment, a valuation report was produced and it has been tendered as evidence in court.  

In his testimony, Foo said that the market values of the Troika units were ascertained based on the Comparison Approach.  

According to Foo, the Comparison Approach entails analysing recent transactions and asking prices of similar properties in and around the locality for comparison purposes with adjustments made for differences in location, time, size, level, tenure, title restrictions, if any, and other relevant characteristics to arrive at the market value.

In his valuation report, Foo valued the first unit at RM3.3 million as at September 2014, but it was bought by FGV at RM5.13 million during the same time. Meanwhile, the second unit was valued at RM2.2 million, but was bought at RM3.28 million at that time.  

Foo added that the information for all the comparables to arrive at his valuation were obtained from the Valuation and Property Services Department as well as his company's own database.  

FGV filed the suit against Mohd Isa and Mohd Emir in November 2018. The group is claiming RM4.54 million from the duo for the purchase of the condominiums, and another RM3.15 million from Mohd Emir for alleged misuse of company cars and petrol benefits.
 
FGV is also claiming interest of 5% per annum on the amount, from the date of the suit until full settlement.
 
The trial before Judicial Commissioner Quay Chew Soon continues tomorrow.