IOI Corp, Dutaland rescind RM830m estate deal

KUALA LUMPUR (Nov 10): IOI Corp Bhd and Dutaland Bhd have agreed to mutually rescind the sale and purchase agreement (SPA) over the disputed RM830 million oil palm plantation deal.

IOI Corp said on Wednesday that its unit Sri Mayvin Plantation Sdn Bhd and Dutaland's Pertama Land & Development Sdn Bhd had entered into a deed of rescission in a move to resolve all the issues and disputes relating to the SPA.

It added that with immediate effect, the parties are released from all obligations and liabilities in connection with the SPA and neither party shall have any further claim against the other.

IOI Corp said following the execution of the deed of rescission, OSK Trustees Bhd, being the stakeholder jointly appointed by the parties, will proceed to refund the deposit earlier paid by Sri Mayvin pursuant to the terms of the SPA together with all interest accrued thereon.

To recap, on Oct 25, IOI Corp terminated its proposed acquisition of the land from Dutaland, citing the cancellation was "due to non-compliance of certain terms and conditions".

However, in a separate statement, Dutaland said it did not accept the reasons for termination of the SPA and directed the stakeholder not to remit the 10% deposit of RM83 million paid.