Source : The Business Times, February 20, 2008
A last-ditch attempt by Dynamic Investments to thwart the Holland Hills Mansion en bloc sale was over in less than 20 minutes yesterday.
In a Court of Appeal hearing, three judges, including Chief Justice Chan Sek Keong, upheld last October's High Court ruling that the Strata Titles Board had approved the $292-million sale in good faith.
The issue in contention was the board's approval of the sale proceeds distribution by the 50:50 method — 50 per cent based on share value and 50 per cent on floor area.
Dynamic, which owned the largest unit in the block, had wanted the distribution to be based solely on floor area, or it would stand to lose about $2.4 million. The 642-square-metre penthouse it owned had a share value of six while the smallest unit, measuring about 57 sq m, had a share value of three.
Noting that no fresh evidence was adduced in the appeal hearing, Dynamic's lawyer Clarence Tan told Today the hearing lasted "all of 17 minutes". He added: "My clients have no more avenues to appeal. Obviously, the judges found that I couldn't prove the 'bad faith' element." — LOH CHEE KONG
Subscribe to:
Post Comments (Atom)
.jpg)
No comments:
Post a Comment