Business News

Published: Thursday March 7, 2013 MYT 12:00:00 AM
Updated: Thursday April 18, 2013 MYT 1:21:25 AM

Menara Intan, HBA Development sue TM unit

PETALING JAYA: Telekom Malaysia Bhd’s (TM) wholly-owned unit TM Facilities Sdn Bhd has been served with a writ and statement of claim by Menara Intan Langkawi Sdn Bhd and HBA Development Bhd as the plaintiffs.

The lawsuit is for the alleged wrongful termination of an agreement to lease dated Aug 14, 2003 between Menara Intan Langkawi Sdn Bhd and TM Facilities.

The agreement was related to the proposed Menara Intan Langkawi project to be undertaken by Menara Intan Langkawi Sdn Bhd at Kuah, Langkawi.

The plaintiffs are seeking damages totalling RM335.6mil for loss of profit, works and expenses, and 28.49 acres as well as general damages, interests, and costs.

The High Court has fixed March 18 for case management. TM Facilities is currently seeking legal advice.

Save for management cost and legal expenses, the legal suit has no financial or operational impact on TM at present, TM said.

“TM is currently collating the relevant information in order to make an assessment of any expected losses arising from the legal suit,” the firm said.

The Menara Intan Langkawi mixed development was a 80:20 joint venture between privately-held HBA and the Langkawi Development Authority, better known as Lada, according to proposal documents posted on the website of the China Overseas Construction Engineering Group.

The waterfront project would comprise a 308m telecom tower modelled after Menara Kuala Lumpur, a 300-room five-star hotel, a convention centre, a mall, and service apartments.

Some 8ha would have been reclaimed as part of the development.

The tower was meant to act as a main telecommunication and multimedia broadcasting tower, catering for link-ups between Malaysia, Indonesia and Thailand.

Tags / Keywords: News, Business, Business, tm, hba, menara intan


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