BURSA ANNOUCEMENTS

Date : 20 April 2011

MATERIAL LITIGATION

SUNWAY REAL ESTATE INVESTMENT TRUST

TypeAnnouncement
SubjectMATERIAL LITIGATION
DescriptionSUNWAY REAL ESTATE INVESTMENT TRUST ("SUNREIT")
- LEGAL PROCEEDINGS INSTITUTED BY ROBERT TI AND KORNELIS KURNIADI AGAINST COMMERCE INTERNATIONAL MERCHANT BANKERS BERHAD, OSK TRUSTEES BERHAD, SUNWAY REAL ESTATE INVESTMENT TRUST, TIMBALAN PENDAFTAR MAHKAMAH TINGGI KUALA LUMPUR AND ABU BAKAR BIN ABDUL RAHMAN
We wish to inform that Robert Ti (a Malaysian citizen) and Kornelis Kurniadi (an Indonesian citizen) (together, “the Plaintiffs”) had on 19 April 2011 through their lawyer served an originating summon, a summon-in-chamber and an affidavit affirmed by Robert Ti, all dated 18 April 2011, on the law firm acting for OSK Trustees Berhad as second defendant (“OSK Trustees”) and Sunway Real Estate Investment Trust as third defendant (“SUNREIT”). The other defendants in the originating summon and summon-in-chamber are Commerce International Merchant Bankers Berhad as the first defendant (“CIMB”), Timbalan Pendaftar Mahkamah Tinggi Kuala Lumpur as the fourth defendant (“Deputy Registrar”) and Abu Bakar bin Abdul Rahman as the fifth defendant (“Auctioneer”).
The Plaintiffs are seeking the following orders from the High Court of Malaya in Kuala Lumpur:-

(1) a declaration that the sale by public auction on Geran 10012 No Lot 38 Seksyen 51 Bandar Kuala Lumpur, Federal Territory of Kuala Lumpur (“Putra Place Land”) on 30 March 2011 has breached the Proclamation and Conditions of Sale and/or the National Land Code, 1965;

(2) that the sale of the Putra Place Land to OSK Trustees be set aside as being null and void;

(3) that the Certificate of Sale in Form 16F be set aside;

(4) that CIMB is not permitted to complete and discharge the charge in the interest of OSK Trustees and SUNREIT;

(5) that CIMB is not permitted to relinquish the title to OSK Trustees or SUNREIT;

(6) after the sale as set out in paragraph (2) above is set aside, that the Putra Place Land be auctioned again on a date to be determined;

(7) that the following declarations be made:
      (a) the decision by the Deputy Registrar in rejecting the Plaintiffs as a bidder is null and void and to be set aside;

      (b) the Deputy Registrar and the Auctioneer had conducted the public auction in violation of the Proclamation of Sale and the Conditions of Sale and/or the National Land Code;
(8) a declaration that the letter of authorization of OSK Trustees presented to the Deputy Registrar has breached condition number 2 of the Bahasa Malaysia version of the Conditions of Sale;

(9) following the above declaration, the bid by OSK Trustees for the Putra Place Land be null and void and to be set aside;

(10) any other orders that the court deem appropriate and costs to be borne by the defendants.

In the summon-in-chamber dated 18 April 2011 for a hearing on 29 April 2011 (subsequently brought forward to 22 April 2011), the Plaintiffs are seeking the following from the High Court of Malaya in Kuala Lumpur pending the disposal of the relief sought in the abovementioned originating summon:

(1) an interim injunction to restrain OSK Trustees and/or SUNREIT from completing the Memorandum of Sale dated 30 March 2011 with regards to the Putra Place Land;

(2) an interim injunction to restrain OSK Trustees and/or SUNREIT from receiving the Certificate of Sale in National Land Code Form 16F with regards to the Putra Place Land;

(3) as an alternative, if OSK Trustees and/or SUNREIT have received the Certificate of Sale in National Land Code Form 16F, an interim injunction to restrain OSK Trustees and/or SUNREIT from taking any steps or further steps to present the Form 16F to the land office for registration of the transfer to OSK Trustees and/or SUNREIT and/or any other third party;

(4) any other relief.

OSK Trustees is currently considering the above and seeking legal advice.


This announcement is dated 20 April 2011.


Announcement Info

Company NameSUNWAY REAL ESTATE INVESTMENT TRUST  
Stock Name SUNREIT    
Date Announced20 Apr 2011  
CategoryGeneral Announcement
Reference NoSR-110420-A3032

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