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- The JC ruled there was a lack of good faith in the filing of the JM and that there was no reasonable plan of rehabilitation of Maju Holdings to restructure.
KUALA LUMPUR (Nov 25): The High Court has dismissed the application for MEX highway concessionaire Maju Holdings Sdn Bhd to be placed under judicial management (JM), but instead will hear a creditor’s petition to wind up the company.
The decision was made by Judicial Commissioner (JC) Suhendran Sockanathan Saheran Abdullah on Nov 17. The judgement was only made known to The Edge on Monday, Nov 24.
The JC ordered a winding-up petition filed earlier by Bridgex Sdn Bhd on April 20, 2023, to be heard by the court on Dec 16. Bridgex had claimed unpaid debts amounting to close to RM68 million.
The JC ruled there was a lack of good faith in the filing of the JM and that there was no reasonable plan of rehabilitation of Maju Holdings to restructure.
Suhendran also ordered Maju Holdings to pay RM30,000 costs to Bridgex, which had opposed the JM.
It is understood that Maju Holdings' outstanding debt could come close to RM1.5 billion.
Maju Holdings had filed its application to be placed under JM on May 20 last year under Sections 404 and 405 of the Companies Act, just when Bridgex’s winding-up application was about to be heard later that month.
Under its JM application, Maju Holdings, which had been in the news lately involving its owner Tan Sri Abu Sahid Mohamed, wanted Datuk Dr V Shanmughanathan to be appointed for JM and it sought to stop any winding-up proceedings that were filed against it.
Bridgex, meanwhile, filed its winding-up petition for works done on the MEX II highway spanning from Putrajaya to the Kuala Lumpur International Airport.
This follows a subcontract sum of RM156.587 million billed by Bridgex to Maju Holdings for certified debt in the final statement of account dated November 2022, where only a sum of RM88.592 million was only paid, resulting in a sum of RM67.994 million still owing.
In the proceedings last week, Maju Holdings was represented by Datuk Jasbeer Singh and Nakeeran Kumar while Bridgex was represented by Wong Hok Mun, Ivanpal Singh Grewal and Keshvinder Kaur.
Ivanpal, when contacted, confirmed the outcome of the Nov 17 proceedings.
Abu Sahid, his wife and former director Datuk Yap Wee Leong had been in the news lately where both Abu Sahid and Yap are each facing charges of criminal breach of trust and money laundering over the unfinished 16.8km MEX II highway project with all the cases scheduled to be heard in Kuala Lumpur.
Abu Sahid’s wife Puan Sri Noor Azrina Mohd Azmi is charged with one count of money laundering of receiving RM67.1 million from her husband.
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