UEM Sunrise and Nipponkey have reached an amicable settlement on the disputes and ongoing legal proceedings with regard to land purchase deals in Kuala Lumpur and Johor Bahru.
In a Bursa filing, UEM said Nipponkey has agreed to withdraw its claim filed at the Kuala Lumpur High Court and also agreed to withdraw its appeal against the dismissal of the injunction application filed at the Court of Appeal. It has also withdrawn its stay application and caveats on the sixteen lands in the Mukim of Tanjung Kupang, Johor, belonging to Symphony Hills Sdn Bhd and Nusajaya Rise Sdn Bhd both companies belonging to UEM.
Nipponkey had claimed RM1.67 million and other general damages and interest of 5 percent per annum calculated from the date of the action.
The parties agreed that all withdrawals are with no order as to costs and without liberty to file afresh, foregoing the parties’ rights on the said claims and suits from this day forth.
