Bukit Jalil City on the Way After Ho Hup out-of-court Settlement

PETALING JAYA: The out-of-court settlement pertaining to the joint development agreement (JDA) between Ho Hup Construction Co Bhd’s unit and Malton Bhd’s subsidiary is a positive development, said Datuk Vincent Lye.

The former deputy chairman of Ho Hup, who initiated the JDA in March 2010 a day before he was ousted from the board, told StarBiz that he “now feels vindicated, as the out-of-court settlement represents an acknowledgement by Ho Hup’s present management that the JDA is a good deal for the future benefit of the company”.

Ho Hup on Tuesday announced that the company’s 70%-owned Bukit Jalil Development Sdn Bhd (BJD) had agreed to discontinue their appeal to the Federal Court and had opted to settle out of court with Pioneer Haven Sdn Bhd, a subsidiary of property developer Malton Bhd, pertaining to a JDA on 60 acres of land in Bukit Jalil in Kuala Lumpur.

In a statement issued to Bursa Malaysia, Ho Hup executive director Derek Wong said: “The board of directors is of the view that the amicable settlement reached through a variation of the original terms of the JDA was for the mutual interest and benefit for all parties.”

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