HIGH COURT: SUNWAY REIT LAWFUL OWNER OF PUTRA PLACE

The High Court, today, had dismissed the summons-in-chambers instituted by Metroplex Holdings Sdn Bhd dated 29 April 2011 which sought to prevent OSK Trustees Berhad (“Trustee”) as trustee for Sunway Real Estate Investment Trust (“Sunway REIT”) and Sunway REIT Management Sdn Bhd (“Manager”) as well as their directors and/or their personnel and/or auxiliary police from coming within a distance of 250 metres from Putra Place and to withdraw all letters written to the occupiers of Putra Place.

The High Court Judge had dismissed the above application on the grounds that the lawful registered owner is the Trustee and that they are entitled to issue notices to the occupiers of Putra Place to indicate their ownership and to exercise their lawful rights thereof. The High Court Judge was also of the view that there were no serious questions to be tried.

Todate the High Court had ruled in favour of the Trustee and the Manager in 2 separate hearings. Dato’ Jeffrey Ng, Chief Executive Officer of Sunway REIT maintains that the actions brought by Metroplex Bhd and Metroplex Holdings Sdn Bhd and other parties are completely without merit and the Trustee and the Manager would vigorously defend all claims raised. He further maintains that the Trustee and the Manager had at all times acted in accordance with proper procedures and adhered to all relevant regulations in relation to the public auction held.

The Trustee had successfully acquired Putra Place in a public auction on 30 March 2011 on behalf of Sunway REIT. The purchase price of RM513.945 million had been fully paid and the title registered in the name of OSK Trustees Berhad as trustee for Sunway REIT since 19 April 2011.