Econpile Holdings Berhad said its wholly owned subsidiary has secured a favourable judgment from the Kuala Lumpur High Court in a long-running legal dispute linked to a condominium development project in Puchong, Selangor.
The piling and foundation specialist said the court granted reliefs in favour of EMSB against IRDK Ventures Sdn Bhd (in liquidation) and its former director, Tan Sri Dato’ Sri Dr. Ramasamy a/l Muthusamy, following proceedings related to unpaid sums arising from an arbitration award.
The dispute stemmed from a RM8.73 million piling works contract awarded to EMSB by IRDK on Oct 8, 2014 for a condominium and link villa development project in Pusat Bandar Puchong.
Econpile said EMSB had previously obtained an adjudication award of RM2.03 million in 2015, followed by a final arbitration award of RM3.84 million plus interest and costs in October 2018.
However, EMSB later discovered that IRDK had already been wound up before the arbitration award was issued, prompting the company to pursue recovery through winding-up proceedings and subsequently file a conspiracy suit against IRDK and its former directors.
The High Court, in a judgment delivered on April 24, 2026, awarded general damages equivalent to the admitted proof-of-debt sum of RM4.1 million against IRDK and Tan Sri Ramasamy.
The court also granted exemplary damages of RM500,000 against Tan Sri Ramasamy, along with interest of 5% per annum on all sums awarded from the date of judgment until full settlement.
In addition, the court ordered IRDK and Tan Sri Ramasamy to pay global costs of RM100,000 to EMSB, subject to allocatur fees.
No substantive relief was granted against Puan Sri Datin Sri Dr. Indra Ghandi a/p Elayappan, another former director named in the suit.
Econpile said Tan Sri Ramasamy has filed an appeal against the judgment on May 5, 2026, with case management fixed for May 20, 2026.
The company added that an application by Tan Sri Ramasamy for a stay of execution was dismissed by the High Court on May 15, 2026, with RM5,000 in costs awarded to EMSB.
