CapitaLand wins S$13.1m Ascott Malaysia case

It successfully sued employees and external parties for causing financial irregularities.

In 24 December 2010, CapitaLand initiated a court action in the High Court of Malaya against three employees from the Finance and Accounts Department of the Malaysian operations of Ascott as well as four external parties to recover the sum of RM31.481 million (approximately SGD13.1 million) in relation to the financial irregularities of the Malaysian operations of The Ascott Limited (“Ascott”), a wholly owned subsidiary of CapitaLand.

In a note to the SGX, the property developer reported that it has prevailed in its case against the defendants and the High Court of Malaya has entered judgement against all the defendants save for one defendant which has since been wound up and which Ascott is preparing to file its proof of debt. CapitaLand has also terminated the employment of the above employees. The defendants have one month to appeal from the date of judgement.