The Shah Alam High Court today upheld the winding-up of Khazanah’s subsidiary, TAR PH Sdn Bhd, due to an unpaid debt of almost RM95 million to Jana DCS Sdn Bhd. TAR PH, which owns Puteri Harbour Hotel in Iskandar Puteri, was found to have wrongfully terminated an agreement for the supply of air-conditioning systems for the hotel. The court also appointed an official receiver as the liquidator for the company, with a cost of RM10,000 to be borne by TAR PH.
TAR PH attempted to prevent the winding-up by claiming that an appeal against the pending arbitration award was still ongoing, but Jana DCS argued that the appeal was irrelevant to the winding-up proceedings. TAR PH was reported to have assets amounting to RM66.48 million but liabilities totaling RM183.76 million.