SOUTH MALAYSIA INDUSTRIES BHD
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CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
averose
141 posts
Posted by averose > 2017-02-17 15:26 | Report Abuse
A wholly owned subsidiary company of the Company, Perantara Properties Sdn Bhd ("PPSB"),has, since year 2010, been involved in a dispute with the Joint Management Body ("JMB") of Kelana Square, Petaling Jaya (a commercial project undertaken and completed in year 2000 by PPSB) involving the car parks of the said project ("Car Parks"), which has a carrying value of RM2 million in the books of PPSB. Prior to the trial of the case, PPSB has successfully applied to have the case struck out at the Kuala Lumpur High Court ("the High Court"). However, the Court of Appeal has reinstated the case resulting in a trial.
The High Court had on 18 July 2014 decided in favour of the JMB to the effect that the Car Parks is a common property of Kelana Square. However, PPSB has since filed an appeal to the Court of Appeal.The matter was heard by the Court of Appeal on 17 February 2016 and the Court of Appeal has on 26 February 2016 decided in favour of PPSB, i.e. the car park is not a common property of Kelana Square. JMB has filed to the Federal Court and the hearing for Motion for Leave is fixed on 25 August 2016. The Federal Court has on 25 August 2016 dismissed the JMB's application for Leave to appeal with cost. As such, the ownership of the Car Parks lies with PPSB.