As reported by The Edge Malaysia, the Kuala Lumpur High Court on 05.03.2024 substantially dismissed a claim by Kenanga Investors Berhad against Impiana Sdn. Bhd. and Dato' Seri Ismail @ Farouk Bin Abdullah to compel the repurchase 61,000,000 shares in Impiana Hotels Sdn. Bhd. pursuant to several option agreements.
The High Court did however allow part of Kenanga's claim for "agreed returns" in the sum of RM362,957.63 and interest thereon to be paid, but made no order as to costs "as the Defendants have successfully defended a substantial part of the claim".
The Firm's Edward Kuruvilla and Lip Shan Soh represented both Defendants, Impiana and Dato' Seri Ismail Farouk.