Parkson’s China retail mall loses final appeal, must pay RM93mil to landlord

PETALING JAYA: Parkson Holdings Bhd’s Chinese retail subsidiary has lost its final appeal to revoke an arbitral award made in favour of its former landlord and must pay about 141 million yuan (RM93.2mil).

The department store operator told Bursa Malaysia yesterday that a Beijing court on Dec 25 rejected the application by Hong Kong-listed Parkson Retail Group Ltd (PRGL), a 53.07% owned subsidiary, to revoke the award issued by China International Economic and Trade Arbitration Commission in March.