MRCB’s wholly-owned subsidiary Superview Development S/B has been served with three Writ of Summons and Statement of Claim amounting to RM6.5m. Superview is disputing the claims and will file defence to the claims. (BMSB)
This is a negative surprise. It refers to the negligence suit by the families affected by the landslide incident in Bukit Antarabangsa in Dec 08. The negligence charge refers to the structural condition of Superview’s plot of land which was claimed to have caused the landslide. The group believes it has grounds for defence. The parcel of land was subsequently written-down in Feb-09. If enforced, the RM6.5m claims would cut FY10 net profit by 12.3% but impact RNAV by less than 1%.
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