IIB is a company owned by the federal government of Malaysia and the state government of Johor, incorporated in 2006 to oversee investments into Iskandar Malaysia, Johor. It focuses on developments in the Iskandar Puteri region. Khazanah Nasional and two of Malaysia’s pension funds are shareholders.
A group of 63 people have taken legal action against Iskandar Investment Berhad (IIB) and property developer Distinctive Resources for alleged misrepresentation over the title of property units they purchased in the Johor state’s Medini Iskandar Malaysia (MIM) region some 10 years ago. All 63 are owners or co-owners of the Iskandar Residences development project in MIM and are represented in the case by three individuals.
This is not the first time a lawsuit has been filed by civilians against Malaysian state entities in Johor and real estate developers. A similar case, which concluded in 2020, awarded damages to plaintiffs on the count of misrepresentation and breach of terms and conditions of a sales and purchase agreement (SPA).
