New high for Dagang NeXchange Bhd
KUALA LUMPUR: Glomac Bhd
's unit Glomac Alliance Sdn Bhd (GASB) has received an amended writ and amendement statement of claim from Score Option Sdn Bhd totalling RM154.80mil.
The property company said on Thursday the suit was based on the joint venture agreement dated 17 January 2003 between Score Option Sdn Bhd and GASB.
“Score Option Sdn Bhd is claiming for a compensation sum of RM107.80mil for the loss of land; an unspecified amount of loss of expenses of the project; and 2% of GDV of the project or a minimum of RM47mil whichever the higher,” it said.
Glomac said the financial and operational impact of the pending litigation on the group is dependent on the outcome.
“The expected losses, if any, arising from this case is RM154.80 or more,” it said.
It also pointed out that in 2011, similar issues were brought up in a civil suit where it has been struck off by the High Court and Court of Appeal.
The plaintiff and its directors have been declared insolvent, it added.
“GASB will file a memorandum of appearance in due course and our solicitor is applying to strike out the suit. The case is fixed for case management on Aug 21, 2017,” it said.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
