The High Court here heard that all board members of Felda Investment Corporation Sdn Bhd (FICSB) agreed with the proposal by the company’s management not to proceed with the purchase of Merdeka Palace Hotel and Suites (MPHS) in Kuching, worth RM160 million.

Former FICSB company secretary, Ruzeti Emar Mohd Rosli, 45, said the management of the company did not want to continue with the purchase of the hotel because it would take 27 years to rake in revenue.