KUALA LUMPUR: The Federal Land Development Authority (Felda) and its subsidiary Felda Investment Corporation Sdn Bhd (FIC) have filed suit against real estate developer Synergy Promenade Sdn Bhd (SPSB) and 20 others for an order to immediately cancel all land transfer instruments in Jalan Semarak. Felda and FIC, as plaintiffs, filed the suit through e-filing via law firm Lee Hishammuddin Allen & Gledhill. Also being sought includes compensation in equity for a loss of RM562 million in commercial opportunities should Felda accept MGR of RM500 million from the Development Agreement. It also demanded compensation in equity for all costs and expenses incurred to demolish the structures built by SPSB and to restore the land to its original condition. Compensation was also sought for a second conspiracy involving eight defendants for the same amount and matter.

Source: New Strait Times November 14, 2019 15:33 UTC