News & Articles Nipponkey files lawsuit against UEM Sunrise for alleged breach of agreements in several land matters
Nipponkey files lawsuit against UEM Sunrise for alleged breach of agreements in several land matters
10 Mar 2023
UEM Sunrise Bhd received a lawsuit from Nipponkey Sdn Bhd dated March 2 due to several alleged breach of agreements involving land deals in Kuala Lumpur and Johor.
These include a sale and purchase agreement to acquire 6.39 acres of prime freehold land at the intersection of Jalan Sultan Yahya Petra (formerly known as Jalan Semarak) and Jalan Padang Tembak in Kuala Lumpur, two disposal and land transfer agreements in Tanjung Kupang, Johor Bahru, and another 12 disposal and land transfer agreements in the same area in Johor Bahru.
The lawsuit named UEM Sunrise's three subsidiaries — Lucky Bright Star Sdn Bhd, Nusajaya Rise Sdn Bhd, and Symphony Hills Sdn Bhd — as defendants.
The claims include the defendants paying RM1.67 million to Nipponkey, other general damages and costs, and interest at five per cent per annum calculated from the date of the action until the date of full and final payment, UEM Sunrise told Bursa Malaysia yesterday.
According to the filing, the agreements have been terminated on Feb 7, 2023, due to non-fulfilment of conditions precedent by the expiry of the respective conditional periods.
"The defendants are seeking legal advice from its solicitors and will take the necessary steps to defend the action and enforce the rights of the defendants," said UEM in its filing.
UEM Sunrise said that if it loses the case, the financial impact on the company shall be limited to the amount awarded by the court.
It added that the lawsuit shall have no impact on its operations.
These include a sale and purchase agreement to acquire 6.39 acres of prime freehold land at the intersection of Jalan Sultan Yahya Petra (formerly known as Jalan Semarak) and Jalan Padang Tembak in Kuala Lumpur, two disposal and land transfer agreements in Tanjung Kupang, Johor Bahru, and another 12 disposal and land transfer agreements in the same area in Johor Bahru.
The lawsuit named UEM Sunrise's three subsidiaries — Lucky Bright Star Sdn Bhd, Nusajaya Rise Sdn Bhd, and Symphony Hills Sdn Bhd — as defendants.
The claims include the defendants paying RM1.67 million to Nipponkey, other general damages and costs, and interest at five per cent per annum calculated from the date of the action until the date of full and final payment, UEM Sunrise told Bursa Malaysia yesterday.
According to the filing, the agreements have been terminated on Feb 7, 2023, due to non-fulfilment of conditions precedent by the expiry of the respective conditional periods.
"The defendants are seeking legal advice from its solicitors and will take the necessary steps to defend the action and enforce the rights of the defendants," said UEM in its filing.
UEM Sunrise said that if it loses the case, the financial impact on the company shall be limited to the amount awarded by the court.
It added that the lawsuit shall have no impact on its operations.
Source: NST.com.my
Latest Posts
-
LBS signs MoU for 10GW green hydrogen project in Sabah
-
Milla Residence sedia tempat letak kereta automatik canggih
-
RHB Research positive on Kerjaya Prospek citing robust job flow pipeline
-
Kerjaya Prospek, Aspen Vision bangun tanah 33.52 hektar di Pulau Pinang
-
Matrix Concepts dinobat antara 10 pemaju hartanah terbaik Malaysia