Jiankun International Berhad;s wholly-owned subsidiary, JKI Development Sdn. Bhd. has been served a writ of summon by Fivestar Development (Puchong) Sdn. Bhd. demanding for the sum of RM14.2million arising from the Joint Venture Development Agreement fpr a project in Puchong.
The jv was for the project development known as “Cadangan Membina 1 Menara Pangsapuri Perkhidmatan 32 Tingkat Di Atas 7 Tingkat Podium Yang Mengandungi Ruang Perniagaan, Kemudahan Dan Tempat Letak Kenderaan Serta 3 Tingkat Lower Ground Tempat Letak Kereta Di Atas Lot PT81833, Persiaran Puteri, Taman Puchong Hartamas, Puchong, Mukim Petaling, Daerah Petaling, Selangor Darul Ehsan”. The project has since been completed and handed over vacant possession to buyers in February 2022.
Jiankun said the claim by Fivestar for the alleged outstanding sum being the purported estimated balance landowner entitlement is an unconcluded matter between Fivestar and JKID.
The group said the claim will not significantly affect the financial position as the sum of RM12.9 million has been provided for in the accounts. Jiankun added that if court decide in favour of Fivestar and award them judgment on the claimed sum of RM14.2 million the additional outstanding will not affect the operation.