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Friday, April 29, 2011

Jeffrey Ng says purchase of Putra Place proper

PETALING JAYA: Sunway REIT Management Sdn Bhd and OSK Trustees Bhd have followed the proper procedures in the acquisition of Putra Place at a public auction, said Sunway REIT Management chief executive officer Datuk Jeffrey Ng.

Datuk Jeffrey Ng says the trustee and the manager of Putra Place would vigorously defend all claims raised by Metroplex

“Sunway REIT has successfully bidded for Putra Place at a public auction conducted by the Kuala Lumpur High Court and which was held for the fourth time on March 30,” Ng told StarBiz yesterday.

He was commenting on the move by the previous owner Metroplex Bhd to block the sale of the property that comprise The Mall shopping complex, Legend Hotel and an office tower.

He said Metroplex's action was “completely without merit” and the trustee as well as the manager of Putra Place would vigorously defend all claims raised in the two legal proceedings.

Metroplex has served an originating summons and an affidavit to Commerce International Merchant Bankers Bhd, OSK Trustees, Sunway Real Estate Investment Trust, Sunway REIT Management and Ahmad Fairuz Mohd Puzi, a court officer who conducted the auction of Putra Place.

Sunway REIT, in a filing to Bursa Malaysia on Wednesday, said the court summons dated April 25 were served on the defendants on Tuesday evening.

Metroplex had requested the High Court to set aside the sale of the property to OSK Trustees and/or Sunway REIT and/or Sunway REIT Management.

It had also requested that the property be remitted back to the Registrar of the High Court due to breaches of the National Land Code 1965, Capital Markets and Services Act 2007, and the Guidelines on Real Estate Investment Trusts issued by the Securities Commission.

Metroplex is seeking to get the High Court to declare the sale as null and void as it claimed the public auction had been turned into a private auction.

Sunway REIT, in a separate filing to Bursa Malaysia yesterday, said the High Court has dismissed the summon-in-chambers with costs pertaining to the injunction sought by two individuals Robert Ti and Indonesian Kornelis Kurniadi to restrain OSK Trustees and Sunway REIT from completing the sale of Putra Place land.

Sunway REIT said the High Court also dismissed the plaintiffs' oral application for an interim order that the trustee and Sunway REIT be restrained from selling or dealing with Putra Place pending the disposal of the originating summons.

The High Court has also fixed May 5 as case management for the originating summons.

By The Star

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