Attempt by duo to restrain Putra Place transfer dismissed
Apr 30, 2011
Robert Ti and Indonesian Kornelis Kurniadi's legal attempt to restrain the transfer of Putra Place to OSK Trustees Bhd and to stop the latter from dealing with the asset has been dismissed.
Last week, the two individuals requested an interim injunction pending a suit to decide the legality of the auction.
On March 31, OSK Trustees, on behalf of Sun Real Estate Investment Trust (SunREIT), was announced the winning bidder for Putra Place at RM513.95 million. The money has been paid and the title has already been passed to OSK Trustees.
The two individuals have 30 days to appeal the decision.
SunREIT informed Bursa Malaysia that OSK had been advised by its solicitors that the plaintiffs are not likely to succeed in their claims against the trustee.
Two days ago, Metroplex Bhd, a unit of Metroplex Holdings Sdn Bhd (which formerly owned Putra Place), initiated a suit to declare the auction null and void. It claimed that a public auction had been turned into a private auction and that the purchase contravened several Acts and guidelines including the Capital Markets and Services Act 2007 and the Guidelines on Real Estate Investment Trusts. – Business Times
