BURSA ANNOUCEMENTS

Date : 01 April 2016

MATERIAL LITIGATION SUNWAY REAL ESTATE INVESTMENT TRUST (SUNREIT) - LEGAL PROCEEDINGS INSTITUTED BY METROPLEX HOLDINGS SDN BHD (METROPLEX) AGAINST OSK TRUSTEES BERHAD (NOW KNOWN AS RHB TRUSTEES BERHAD), AS TRUSTEE FOR SUNREIT AND SUNWAY REIT MANAGEMENT SDN BHD, AS MANAGER FOR SUNREIT (THE MANAGER) AND A STRIKING OUT APPLICATION INSTITUTED BY THE MANAGER TO STRIKE OUT THE SAID WRIT SUMMONS AND STATEMENT OF CLAIM (CIVIL SUIT NO: 22NCVC-523-09/2015)

SUNWAY REAL ESTATE INVESTMENT TRUST

Type Announcement
Subject MATERIAL LITIGATION
Description
SUNWAY REAL ESTATE INVESTMENT TRUST (SUNREIT)
-	LEGAL PROCEEDINGS INSTITUTED BY METROPLEX HOLDINGS SDN BHD (METROPLEX) AGAINST OSK TRUSTEES BERHAD (NOW KNOWN AS RHB TRUSTEES BERHAD), AS TRUSTEE FOR SUNREIT AND SUNWAY REIT MANAGEMENT SDN BHD, AS MANAGER FOR SUNREIT (THE MANAGER) AND A STRIKING OUT APPLICATION INSTITUTED BY THE MANAGER TO  STRIKE OUT THE SAID WRIT  SUMMONS AND STATEMENT OF CLAIM (CIVIL SUIT NO: 22NCVC-523-09/2015)

We wish to announce that we were informed today that the High Court of Malaya at Kuala Lumpur had on 31 March 2016, dismissed the striking out application dated 24 November 2015 filed by the Manager to strike out the writ  summons and statement of claim dated 28 September 2015 filed by Metroplex claiming for various chattels and movable items (e.g. furniture and office equipment, decorations, cutlery, kitchen equipment, bar equipment, concierge and reception tables, blinds and curtains) which were allegedly acquired and owned by Metroplex but not removed by Metroplex when the Manager took possession of the hotel at Sunway Putra on 27 September 2011. Metroplex has in its statement of claim alleged that the various chattels and moveable items were worth in excess of RM80 million as at September 2011.

The striking out application was filed by the Manager on the grounds that the claim by Metroplex was scandalous, frivolous or vexatious and/or an abuse of the process of the court.

The Learned High Court Judge dismissed the Managerís application on the grounds that there are triable issues in the pleadings and that Metroplex should be given an opportunity to prove its claim.

The matter is now fixed for case management on 11 April 2016 for further directions from the High Court of Malaya in Kuala Lumpur in respect of the trial. The Manager is seeking further legal advice on the above matter.

If the eventual outcome of this case is not in the Managerís favour, it would not have any impact on the distribution per unit and immaterial impact on the total asset value of SUNREIT.

This announcement is dated 1 April 2016.

 

 






Announcement Info

Company Name SUNWAY REAL ESTATE INVESTMENT TRUST
Stock Name SUNREIT
Date Announced 01 Apr 2016
Category General Announcement for PLC
Reference Number GA1-01042016-00083


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