MATERIAL LITIGATION SUNWAY REAL ESTATE INVESTMENT TRUST ("SUNREIT") - WRIT OF SUMMONS AND STATEMENT OF CLAIM BY METROPLEX HOLDINGS SDN BHD ("METROPLEX") AGAINST OSK TRUSTEES BERHAD (NOW KNOWN AS RHB TRUSTEES BERHAD), AS TRUSTEE FOR SUNREIT ("TRUSTEE") AND SUNWAY REIT MANAGEMENT SDN BHD, AS MANAGER FOR SUNREIT ("THE MANAGER") (CIVIL SUIT NO: 22NCVC-523-09/2015)
| SUNWAY REAL ESTATE INVESTMENT TRUST |
| Type | Announcement |
| Subject | MATERIAL LITIGATION |
| Description | SUNWAY REAL ESTATE INVESTMENT TRUST ("SUNREIT")
- WRIT OF SUMMONS AND STATEMENT OF CLAIM BY METROPLEX HOLDINGS SDN BHD ("METROPLEX") AGAINST OSK TRUSTEES BERHAD (NOW KNOWN AS RHB TRUSTEES BERHAD), AS TRUSTEE FOR SUNREIT ("TRUSTEE") AND SUNWAY REIT MANAGEMENT SDN BHD, AS MANAGER FOR SUNREIT ("THE MANAGER") (CIVIL SUIT NO: 22NCVC-523-09/2015) |
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Further to the announcement dated 1 April 2016, the Board of Directors of the Manager wishes to inform of a material development resulting from legal proceedings instituted by Metroplex against the Trustee and the Manager of SUNREIT. This was based on the writ of summons and statement of claim dated 28 September 2015 filed by Metroplex claiming for various chattels and movable items which were allegedly acquired and owned by Metroplex but not removed by Metroplex when the Manager took possession of Sunway Putra Hotel on 27 September 2011. The trial took place on 5 June 2017 and 6 June 2017. The decision was delivered on 3 November 2017, in favour of Metroplex. The Trustee and Manager have on 6 November 2017, filed an appeal to the Court of Appeal against the decision delivered by the High Court Judge on 3 November 2017. An application for the stay of proceedings will be filed, if required, pending the outcome of the appeal. If the eventual outcome of this case is not in the Manager's favour, it would not have any adverse impact on the distribution per unit and may have immaterial impact on the total asset value of SUNREIT. This announcement is dated 6 November 2017. |
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Announcement Info
| Company Name | SUNWAY REAL ESTATE INVESTMENT TRUST |
| Stock Name | SUNREIT |
| Date Announced | 06 Nov 2017 |
| Category | General Announcement for PLC |
| Reference Number | GA1-06112017-00038 |