trending Market Intelligence /marketintelligence/en/news-insights/trending/ydtnz_xj4e-1v0d0esj3ca2 content esgSubNav
In This List

Malaysian court dismisses Meda unit's appeal over stay of damages at condo units

Blog

Corporate Credit Risk Trends in Developing Markets An Expected Credit Loss ECL Perspective

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Blog

Corporate Credit Risk Trends in Developing Markets: A Loss Given Default (LGD) Perspective

Blog

Real Estate News & Analysis: May Edition


Malaysian court dismisses Meda unit's appeal over stay of damages at condo units

The Court of Appeal of Malaysia dismissed an appeal by property developer Maju Puncakbumi Sdn. Bhd. against a decision that granted the company a stay of the damages previously awarded to 137 homeowners of the 700 million-ringgit The Arc @ Cyberjaya mixed-use development in Malaysia.

The owners of the condo units had earlier launched a class-action lawsuit against the Meda Inc. Bhd. unit for allegedly defaulting on a guaranteed rental return scheme payment, Malay Mail reported. The court ordered Maju Puncakbumi to deliver vacant possession of the units to the owners, the May 21 report said, citing Maju Puncakbumi lawyer Vincent Lim Chang.

In November 2017, the Shah Alam High Court had awarded the owners approximately 4.0 million ringgit, consisting of the outstanding rentals until May 2017, among other things, and allowed an interim stay for vacant possession of the units.

The stay order has now been dismissed, with the company to pay 7,000 ringgit as the cost of appeal, according to a May 21 filing.

As of May 21, US$1 was equivalent to 3.98 ringgit.