Capital World Limited has announced that its wholly-owned subsidiary, Capital City Property Sdn Bhd (CCPSB), has received a Writ of Summons and Statement of Claim from Chong Kim Chuan. The claim, dated 14 August , relates to a Sale and Purchase Agreement for a service suite unit within the Capital City development. The purchaser is seeking a refund of RM286,212.28 for the purchase price and RM41,740.81 in interest paid, totalling RM327,953.09, due to CCPSB’s failure to deliver vacant possession of the unit within the agreed 52-month period from 14 March 2021.
The legal proceedings require CCPSB to respond within 14 days, or the purchaser may proceed with the action and potentially secure a judgement without further notice. Capital World has engaged legal counsel to explore its options and is preparing for a case management session scheduled for 11 September at the Johor Bahru Session Court.
The company has advised shareholders to carefully consider this announcement and any future updates, and to seek professional advice if uncertain about their actions regarding their securities. Further announcements will be made as developments occur.
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