Capital World Unit Sued Over Alleged Delayed Property Delivery

MT Newswires06-17

Capital World's (SGX:1D5) subsidiary, Capital City Property, was served with a writ of summons from a buyer of a service unit at its development in Malaysia, claiming a total of 332,789 ringgit over the company's alleged failure to deliver vacant possession within a stipulated timeframe.

The purchase has filed a claim, seeking a refund of the 2,000 ringgit deposit, 80,512 ringgit cashback payment and 250,288 ringgit in progressive construction payments, according to a Tuesday filing with the Singapore Exchange.

The subsidiary is now required to make an appearance within 14 days of the service of the letter to avoid a default judgment.

Meanwhile, the company has engaged legal counsel over the matter, with case management scheduled for June 25 at the Johor Bahru Sessions Court in Malaysia.

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