EcoFirst alleges conspiracy in award of now-terminated contract to Kerjaya Prospek
After the termination, Kerjaya Prospek filed a lawsuit against EcoFirst’s wholly-owned unit, BCM Holdings Sdn Bhd, claiming RM20 million in termination damages.
After the termination, Kerjaya Prospek filed a lawsuit against EcoFirst’s wholly-owned unit, BCM Holdings Sdn Bhd, claiming RM20 million in termination damages.
The sale price of RM34 million is RM15.
Kerjaya Prospek, in a bourse filing on Nov 23, said that its solicitor had issued a letter to BCM, instructing the company to pay the RM20 million within seven days from Nov 21, failing which legal action will be initiated.
Kerjaya Prospek said its solicitor has issued a letter to BCM, instructing them to make the specified payment within seven days from Nov 21.
Kerjaya Prospek said it will be taking necessary steps under the letter of award (LOA) after advice from its solicitors “to enforce its right to recover the pre-agreed damages payable stated in the LOA, which is due and payable by BCM to [wholly owned subsidiary] Kerjaya Prospek (M) Sdn Bhd”.
In a filing with Bursa Malaysia on Wednesday, the property developer said the total gain from the disposal of the 15 units is higher than the total original investment cost by approximately RM9.
In a bourse filing on Friday, EcoFirst said the proposed disposal provides an opportunity for the company to realise the value of these properties, which have appreciated since the project's completion in 2019.
He is brother to Datuk Dr Teoh Seng Foo, who is the president and executive director of the company; and is also the brother of Teoh Seng Aun, who is the director of Ecofirst’s major subsidiaries, as well as a substantial shareholder.
The group’s revenue rose 38% to RM5.