The payments include agreed rental arrears due under the lease for RM3.79 million ($1.09 million), compensation charges of RM703,966.14 as at June 7, as well as continuing on the sum of RM3.79 million at the rate of 1.5% per month on a daily basis from June 8 until the date where the sum is fully paid.
The Malaysian court has ruled that Yongnam Holdings (SGX:AXB
) ’ wholly-owned subsidiary, Yongnam Engineering Sdn Bhd, has to make several payments to Axis REIT’s trustee, RHB Trustees Berhad.
Yongnam Engineering had received a letter of demand (LOD) dated Oct 19 to pay the sums owed under the court’s default judgement within seven days from Oct 19.
