KL City Grand Prix fallout sees organising company file bankruptcy suit against its directors
Wednesday, 29 Aug 20186:57 PM MYT
by nurbaiti hamdan
KUALA LUMPUR: GT Global Race (M) Sdn Bhd has issued a winding-up notice on ADM Ventures (M) Sdn Bhd and initiated bankruptcy proceedings against its two company directors for failure to indemnify a RM2.5mil sum owed to Cityneon Contracts Sdn Bhd and a repayment of RM10.9mil in relation to the organisation of the KL City Grand Prix 2015.
Cityneon Contracts had on Nov 7, 2016, initiated a civil action suit against GT Global Race for the rental, installation, demolition of grandstand and exhibition facilities for the KL City Grand Prix 2015 for a total contract sum of RM13.4mil.
The event was held between Aug 7 and Aug 9, 2015.
However, GT Global Race only paid it a sum of RM10.9mil, leaving an outstanding balance of RM2.5mil owed to Cityneon Contracts.
In the same suit, GT Global Race initiated a third party proceedings against two of its directors, M. Thrinakarasi @ Arasu and M. Thirumaren, and ADM Ventures (M) Sdn Bhd, which owns 50% share of GT Global Race, seeking an indemnity of the unpaid balance of RM2.5mil it owed to Cityneon Contracts and repayment of the RM10.9mil that has been paid to Cityneon Contracts as a result of breach of fiduciary duties and fraud.
On April 26 last year, Justice Mohd Zaki Abdul Wahab granted a summary judgment of RM2.5mil against GT Global Race.
Subsequent to the summary judgment, the third party proceedings between GT Global Race and the third parties (Thrinakarasi, Thirumaren and ADM Ventures) went to trial.
On July 27, Justice Mohd Zaki ordered the third parties to indemnify the unpaid balance of RM2.5mil to Cityneon Contracts and a repayment of the RM10.9mil.
The third parties have not satisfied the judgment sum of RM2.5mil and the RM10.9mil.
Read more at https://www.thestar.com.my/news/nation/2018/08/29/kl-city-grand-prix-fallout-sees-organising-company-file-bankruptcy-suit-against-its-directors/#fogXjAGTRGT5M0Yw.99
Wednesday, 29 Aug 20186:57 PM MYT
by nurbaiti hamdan
KUALA LUMPUR: GT Global Race (M) Sdn Bhd has issued a winding-up notice on ADM Ventures (M) Sdn Bhd and initiated bankruptcy proceedings against its two company directors for failure to indemnify a RM2.5mil sum owed to Cityneon Contracts Sdn Bhd and a repayment of RM10.9mil in relation to the organisation of the KL City Grand Prix 2015.
Cityneon Contracts had on Nov 7, 2016, initiated a civil action suit against GT Global Race for the rental, installation, demolition of grandstand and exhibition facilities for the KL City Grand Prix 2015 for a total contract sum of RM13.4mil.
The event was held between Aug 7 and Aug 9, 2015.
However, GT Global Race only paid it a sum of RM10.9mil, leaving an outstanding balance of RM2.5mil owed to Cityneon Contracts.
In the same suit, GT Global Race initiated a third party proceedings against two of its directors, M. Thrinakarasi @ Arasu and M. Thirumaren, and ADM Ventures (M) Sdn Bhd, which owns 50% share of GT Global Race, seeking an indemnity of the unpaid balance of RM2.5mil it owed to Cityneon Contracts and repayment of the RM10.9mil that has been paid to Cityneon Contracts as a result of breach of fiduciary duties and fraud.
On April 26 last year, Justice Mohd Zaki Abdul Wahab granted a summary judgment of RM2.5mil against GT Global Race.
Subsequent to the summary judgment, the third party proceedings between GT Global Race and the third parties (Thrinakarasi, Thirumaren and ADM Ventures) went to trial.
On July 27, Justice Mohd Zaki ordered the third parties to indemnify the unpaid balance of RM2.5mil to Cityneon Contracts and a repayment of the RM10.9mil.
The third parties have not satisfied the judgment sum of RM2.5mil and the RM10.9mil.
Read more at https://www.thestar.com.my/news/nation/2018/08/29/kl-city-grand-prix-fallout-sees-organising-company-file-bankruptcy-suit-against-its-directors/#fogXjAGTRGT5M0Yw.99
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