Axis REIT has gone ahead and served on Yongnam Engineering Sdn Bhd and Yongnam Holdings Limited a judgment in default due to a no appearance has been entered by the Defendants. It was after the group filed a writ of summon on Yongnam last month.
This is in relation to the unpaid rental for the period of March 2023 to 7 June 2023 of RM3,792,276.43, compensation charges of RM703,966.14 as at 7 June 2023 and continuing on the sum of RM3,792,276.43 at the rate of 1.5% per month on daily basis from 8 June 2023 until the date of full and final realisation;
Also the amount equivalent to the rental for the whole unexpired period of the lease term from 8 June 2023 until 29 December 2029 as agreed liquidated damages of RM105,396,516.60 and the compensation charges on the sum of RM105,396,516.60 at the rate of 1.5% per month from 8 June 2023 until the date of full and final realisation; plus legal charges and reimbursements as at the date of filing of the writ in the sum of RM236,954.77.
Axis Real Estate Investment Trust is suing Yongnam a former tenant at Axis Steel Centre @ SiLC in Nusajaya, Johor to recover unexpired future rental payments amounting to RM105.4 million.
The summon arose when Yongnam being a tenant of Axis-REIT at Axis Steel Centre @ SiLC, in Johor failed to adhere to the lease agreement, on 23 December 2022 and 8 February 2023, the trustee commenced civil actions against the company and the Corporate Guarantor respectively
