The Kuala Lumpur High Court has ordered several properties owned by entrepreneur Datuk Seri Vida’s company to be sold to recover RM15.5 million in unpaid Islamic financing owed to Maybank Islamic.
Judge Norsharidah Awang allowed the bank’s application for an order for sale after ruling that the lender had fulfilled the requirements under Section 256 of the National Land Code.
In a written judgment dated March 4, the court found that the financing facility was granted to Vida Beauty Sdn Bhd, with several parcels of land in Hulu Kinta, Perak charged as collateral.
Court documents showed Maybank Islamic had provided a RM4.89 million Commodity Murabahah Term Financing-i facility to the company, secured by seven plots of land.
After the company failed to service the facility, the outstanding amount rose to RM8.45 million as of Sept 30, 2022, including accumulated profit and late payment charges.
In a separate but related financing facility secured by another property in Hulu Kinta, the outstanding amount exceeded RM7 million, prompting the bank to file another originating summons to obtain a sale order.
Vida Beauty, represented by lawyer Haris Md Nor, argued the proceedings were defective as the bank filed its supporting affidavit outside the time limit set under the Rules of Court 2012.
However, the court dismissed the argument, ruling that the delay did not invalidate the proceedings.
The High Court also awarded RM10,000 in costs to Maybank Islamic.
