Appeal against Bintai Kinden's unit dismissed

PETALING JAYA: The appeal application by Serdang Baru Properties Sdn Bhd (SBP) against the payment of award payable to Bintai Kinden Corp Bhd ’s wholly owned subsidiary Kejuruteraan Bintai Kindenko Sdn Bhd (KBK) has been struck out by the Appellate Court.
Bintai Kinden’s board of directors said in a Bursa Malaysia filing that the court had on January 30, dismissed SBP’s appeal, with a cost of RM20,000 to be paid by the applicant to KBK.
“In addition, the appeal against enforcement of the arbitration was withdrawn by SBP with no order as to costs and subsequently struck out by the Court of Appeal,” the board said.
To recap, according to an arbitration verdict from December 2016, SBP was ordered by the court to pay a total of RM28.22 million as arbitration awards together with an interest rate of 5% per annum from June 3, 2008 up to March 9, 2016.
The court also ruled for a cost of RM20,000 to be paid by SBP to KBK.
In line with that, the group said it will be seeking the enforcement award as per the previous court ruling amounting to RM28.22 million together with the interest rate as well as on the private caveat presented on SBP’s property and all other relevant costs awarded to KBK.