KUALA LUMPUR : Wisma Majujaya Sdn Bhd has filed a winding up petition against Bina Puri Holdings Bhd (KL:BPURI) at the High Court here over the latter’s failure to pay RM30 million that was awarded by the court in a summary judgment earlier this year.
In the winding up petition sighted by The Edge and signed by Wisma Majujaya director Datuk Tan Hock Kien, Wisma Majujaya sought to wind up Bina Puri under the provisions of the Companies Act 2016.
Wisma Majujaya is also seeking that the company be appointed as liquidator for Bina Puri and that the costs of the petition be paid out of Bina Puri’s assets.
On Feb 4, Wisma Majujaya obtained a summary judgement from the Shah Alam High Court, ordering Bina Puri to pay the judgment sum of RM28.17 million, with 8% interest, within 14 days of the decision.
Bina Puri had then announced in a Bursa Malaysia filing that it had directed its lawyers to file an appeal and a stay (halt the execution) of the summary judgment.
The suit revolved around RM28.17 million in returns Wisma Majujaya purports to have been owed as stipulated in a joint venture agreement (JVA) plus interest that Bina Puri failed to pay. The relevant JVA was inked in November 2017 and pertained to a development in Johor Bahru called Puri Residence.
Wisma Majujaya said it had contributed RM10 million for the development under the JVA.
Bina Puri then purportedly agreed to pay Wisma Majujaya up to RM26 million in return for the amount of investment with 8% interest per annum in the event of late payment.
Bina Puri said it maintains there is no “valid and enforceable” JVA or joint venture development with Wisma Majujaya.
“The RM10 million advance by the plaintiff was an unlicensed money lending transaction. In light of the above, the company opined that disclosing the details of the JVA and making any related announcement would be inappropriate,” it said.
The company also said the JVA makes no provision for roles and responsibilities of parties, equity interest or progressive/stage payment in relation to the purported JV development.
“The RM28.17 million sought by the plaintiff consists substantially of interest charges, following Bina Puri Properties’ repayment of RM7 million,” it also noted.
Majujaya claims that Bina Puri had filed an appeal to the summary judgment at the Court of Appeal; the latter had also filed a stay application against the sum to be paid pending the outcome of the appeal.
However, Majujaya stated that the stay application has not been disposed of and there is no order for a stay of execution and/or enforcement of the summary judgment.
Majujaya said that on March 11 this year, they had served a statutory notice of demand via their lawyers Messrs Lim Chee Wee Partnership to Bina Puri for the payment to be paid within 21 days of the notice.
The winding up petition stated that more than 21 days have passed since the notice was served but Bina Puri has “failed, refused and/or neglected to pay the said sum or to secure or compound the said sum to the satisfaction of the petitioner (Majujaya)”.
The hearing of the petition is fixed for July 14.-source The Edge Malaysia
