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PETALING JAYA (July 28): GDB Holdings Bhd said the Kuala Lumpur High Court has struck out an originating summons filed by KSK Land Sdn Bhd (in liquidation), in a favourable outcome for its wholly-owned subsidiary, Grand Dynamic Builders Sdn Bhd (GDBSB).
In a Bursa Malaysia filing on Monday (July 27), GDB said GDBSB had been informed by its solicitors that a sealed court order had been extracted confirming that KSK Land's application under Sections 366 and 368 of the Companies Act 2016 was struck out on June 15.
The originating summons was filed by KSK Land (in liquidation) against Damai City Sdn Bhd (in receivership) in the High Court of Malaya at KL. GDBSB was named as the first respondent in the proceedings.
The High Court also ordered costs against KSK Land's liquidator, Tee Guan Pian, as follows:
1) RM45,000 to GDBSB as the first respondent;
2) RM20,000 to the second to 18th respondents;
3) RM40,000 to Damai City (receivers and managers appointed) as the 19th respondent; and
4) RM45,000 to Malayan Banking Bhd as the 20th respondent.
The latest development follows GDB's announcement on Feb 12, when it first disclosed the originating summons.
The company did not disclose whether an appeal had been filed or provide further details on the implications of the High Court's decision.
The ruling removes, for now, one legal proceeding involving the broader KSK Land/Damai City dispute over the 8 Conlay project in KL. For GDB, it means its construction subsidiary is no longer required to defend the originating summons unless the decision is successfully appealed or fresh proceedings are initiated.
Read also:
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