Exclusıve

Exclusıve

1MDB files suit against Air Itam landowner to recover RM6m

#EXCLUSIVE: Remember when 1MDB paid RM1.38bn for land in Air Itam, Penang, almost six years ago?

5/16/2019

EXCLUSIVE: Remember when 1MDB paid RM1.38bn for land in Air Itam, Penang, almost six years ago?

KUALA LUMPUR (May 16): 1Malaysia Development Bhd (1MDB) has filed a suit against an individual seeking to recover over RM6 million for breaching an agreement involving 234.7 acres of land in Air Itam.1MDB has named Tan Jiak Chye, 64, as the sole defendant in the suit filed on April 30, according to court documents sighted by theedgemarkets.com.The case was called for case management today before High Court deputy registrar Idamasliza Maarof, with Tan ordered to file his statement of

The case was called for case management today before High Court deputy registrar Idamasliza Maarof, with Tan ordered to file his statement of defence by June 14.

1MDB, through Aluminium Development Company Sdn Bhd (renamed to Ayer Itam Properties Sdn Bhd, AIPSB) purchased the entire issued share capital of Gerak Indera Sdn Bhd (GISB) and Farlim Properties Sdn Bhd (renamed to AI Real Estate Sdn Bhd [AIRESB]), which collectively held about 75.68% of the total undivided shares or interest in the Air Itam Estate.

Tan accepted the proposal contained in the letter and was paid RM6 million pursuant to the agreement by 1MDB on the same day.

According to 1MDB, after the agreement was entered into between the company and Tan, the company took all reasonable steps to fulfill its obligations to procure the release and discontinuance of the pending suits against Tan and other land holders.

Currently, 1MDB no longer owns any interest in GISB, AIRESB and AIPSB.

The company said Tan has failed, refused and/or neglected to return the money by April 26, 2019 after receiving a letter dated April 23, 2019 from its solicitors.

Read more: The Edge Malaysia

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