This follows reports earlier this month that Zahid said an individual, whom he did not name, had not signed documents to release his trustee responsibilities over a party asset.
A case management was held on Thursday before senior assistant registrar Nur Shasha Hidayah Nor Azhar, where a representative from the Attorney General’s Chambers had entered an appearance for the FT Land and Mines Department.
After acquiring two premier hotels namely Banyan Tree Hotel and Pavilion Hotel in Kuala Lumpur for a sum of RM480 million.
Pavilion REIT said the acquisitions align with its commitment to deliver premium offerings while capitalising on synergistic opportunities with Pavilion KL mall.
The site is situated in a prime location within Kuala Lumpur’s Golden Triangle, which encompasses the city’s financial hub as well as its main shopping and nightlife districts.
A news report last week revealed that Concorde Hotel Kuala Lumpur is up for sale at nearly RM700 million, along with the adjacent land.
"Several investors have shown interest in redeveloping the site because of its prime location.
The upcoming performance and earnings visibility would remain “tough moving forward,” they said, adding that the delisting would also cut costs and savings would be ploughed back into refurbishment of the hotels.
The group is principally engaged in hotels and service apartments, the provision of limousine services and hotel management.
The latest term loan facility is expected to increase the group’s gearing ratio to 1.
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