Ivory Properties Group has informed that its subsidiaries, Ivory Residence Sdn Bhd and Ivory Gleneary Sdn Bhd had on received two Writ of Summons and Statements of Claiims in relation to legal action initiated by Bank Islam Malaysia Berhad
According to the Statement of Claim and Writ of Summons, Ivory said Bank Islam is seeking a total sum of RM19.8 million against IGSB and RM14 million. The legal proceedings comes from Ivory not renewing a loan facility, prompting a demand for both companies to settle all outstanding amounts under the facility.
Ivory said it currently faces challenges in meeting the financial obligations associated with the Claim due to its existing financial position. However it said it is confident about achieving a mutually agreeable resolution with the bank.
