Business
Update re. Legal Action
Update re. Legal Action.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n\nASEANA PROPERTIES LIMITED\n(\"Aseana\" or the \"Company\")\nUpdate re. Legal Action\nAseana (LSE: ASPL), a property developer listed on the main market of the London Stock Exchange, today provides an update on the legal action announced by the Company on 27 December 2024 regarding the Company and its ultimate operating subsidiary, Urban DNA Sdn. Bhd. (\"UDSB\") initiating legal action against:\n \n1. Helen Siu Ming Wong (\"Helen Wong\") (former director of the Company and UDSB);\n \n2. Nicholas John Paris (former director of the Company);\n \n3. Tan Hok Chye (former director of the Company and UDSB);\n \n4. Thomas Patrick Holland (former director of the Company and UDSB);\n \n5. Jenny Lee Gyn Li (\"Jenny Lee\") (spouse of Thomas Patrick Holland); and\n \n6. RSMC Investment Inc (\"RSMC\")\n \n(Collectively referred to as the \"Defendants\")\n \nbefore the Kuala Lumpur High Court in Malaysia (the \"Previous Announcement\").\n \nThe Company and UDSB have entered into a consent order in respect of the injunction application referenced in the Previous Announcement (the \"Consent Order\").\n \nThe salient terms of the Consent Order are as follows:\n \n1. Helen Wong, Jenny Lee and RSMC are restrained from enforcing or acting upon the charges created by UDSB in favour of them over the 30 unencumbered hotel units in The RuMa Hotel and Residence owned by UDSB (the \"Units\").\n \n2. Helen Wong, Jenny Lee and RSMC are restrained from initiating foreclosure proceedings over the Units under the Form 16D Notices of Default issued in November 2024.\n \n3. UDSB undertakes not to adversely affect or jeopardise the rights of Helen Wong, Jenny Lee and RSMC in relation to the charge over land agreements (the \"Charge Agreements\") over the Units pending the determination of the legal action.\n \n4. UDSB is restricted from dealing with the Units, including but not limited to redeeming, disposing off, transferring or encumbering the Units.\n \n5. In the event UDSB intends to deal with the Units, the following mechanism will apply:\n \na. UDSB will provide ...