EcoWorld which was involved in the MYSJ controversy as holding shares in the company that was purported to be acquired by the Ministry of Health for RM338.6 million has now relinquished all shares in the company through its subsidiary.
After some tussle with MYSJ, the property group’s wholly owned subsidiary Hasrat Budi Sdn Bhd will transfer its shares back to MYSJ and has said it will no longer have any shares in the MySejahtera app developer. The company also said its representatives will also resign as directors of MYSJ.
Recall back in April, Hasrat Budi Sdn Bhd 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 was 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 had 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.
