Symphony Life Bhd is suing its former development partner for a total amount of RM150 million over a terminated agreement to jointly develop condominiums in Langkawi, Kedah.
Its wholly-owned subsidiary Symphony ORIC Development Sdn Bhd (SOD) had on Feb 7, 2023, via the Notice of Termination, terminated the Joint Development Agreement (JDA) dated April 28, 2021, with Open Road Asia Sdn Bhd (ORA) due to failure by the latter to fulfill the conditions within the stipulated timeframe.
SOD's suit against ORA, which is linked to Datuk David Goh, pertains to a RM75 million deposit ORA made as part of the JDA.
Symphony Life said in the filing when the agreement was inked in April 2021, ORA's directors Goh Poo Eng and Roslizan Nekmat had provided a guarantee towards the refund of the deposit in the event the agreement's conditions precedent are not fulfilled.
In the High Court lawsuit, SOD is requesting RM75 million in approved liquidated damages from ORA as well as a refund of the RM75 million deposit from ORA, Goh, and Roslizan.
The JDA for the Langkawi proposal calls for the construction of several blocks of condominiums totaling 906 parcels, dubbed The ORIC Gardens, on 10 acres at the Open Road International Circuit and Integrated Resorts development.
