Paramount Unit Faces MYR313 Million Lawsuit on Property Dispute

MT Newswires Live

04-14

Paramount (KLSE:PARAMON) unit Tanah Bayumas was slapped with a 313.1 million ringgit lawsuit by Prismaworld Embassy regarding a proposed property acquisition in Kuala Lumpur, Malaysia.

The lawsuit seeks to annul the deal, citing breaches of the Companies Act 2016, according to a Friday Malaysian bourse filing.

The company plans to defend the case and believes it has a strong defense against the claims.

The hearing for an injunction application is set for May. The company expects limited financial impact from the litigation, it added.

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