Eco World Subsidiary Files Writ Of Summons Against MySJ Owners For Breach In Sale Agreement

Eco World subsidiary, Hasrat Budi Sdn Bhd has filed in the High Court of Malaya a Writ of Summons and Statement of Claim against Revolusi Asia Sdn Bhd, Entomo Malaysia Sdn Bhd, and Raveenderen A/L Ramamoothie, in relation to its investment in MYSJ Sdn Bhd the developer of MySejahtera application.

The suit is for breach of certain representations and warranties provided by the owners to Hasrat Budi under the share sale agreement it entered with the parties on 27 August 2021. Eco World is seeking to recover costs incurred totaling RM524,786.59 and general damages to be assessed by the Court

The group has also stated that the legal action is in addition to the put option which has been exercised by Hasrat Budi requiring Entomo Malaysia Sdn Bhd and Raveenderen A/L Ramamoothie to buy back it 10% stake in MYSJ at RM24 million plus interest at the rate of 10% per annum until date of payment.   

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