Monday, September 5, 2011

Court rules in Maybank's favour against Bintai subsidiary

KUALA LUMPUR: The Kuala Lumpur High Court has ruled in favour of MALAYAN BANKING BHD [] in its suit against BINTAI KINDEN CORPORATION BHD []'s subsidiary Kejuruteraan Bintai Kindenko Sdn Bhd (KBK).

Bintai Kinden said on Monday, Sept 5 the court ruled in Maybank's favour on its demand against KBK of RM15.77 million together with cost and interest of 8% per annum from April 2007 until full payment by KBK.

'The board of directors of Bintai Kinden is of the view that the suit is without merit and KBK will file an appeal on the above judgement to the Court of Appeal,' it said.

To recap, KBK was the fourth defendant in a suit brought about by Maybank for an amount totaling RM15.77 million.

'The action is in relation to a demand made by Maybank based on a notice of assignment of proceeds, payable by KBK to its sub contractor, in favour of Maybank,' it said.

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