KUALA LUMPUR: Paramount Corporation Bhd’s 70%-owned subsidiary, Tanah Bayumas Sdn Bhd (TBSB), along with representatives of Adamprimus & Co, who are the appointed receivers and managers of Prismaworld Embassyview Sdn Bhd, and RHB Bank Bhd, are being sued over TBSB’s RM145 million acquisition of a prime parcel of land in Taman U-Thant, Kuala Lumpur.
The lawsuit, filed on 7 March in the commercial division of the Kuala Lumpur High Court by Prismaworld Embassyview Sdn Bhd — the current landowner under receivership — seeks to void the sale and purchase agreement (SPA). Alternatively, Prismaworld is claiming RM313 million in damages against all three parties.
Named in the suit are:
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TBSB as the first defendant
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Datuk Adam Primus Varghese Abdullah and Macpherson Simon of Adamprimus & Co as second defendants
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RHB Bank, the charge holder of the property, as the third defendant
It is important to note that Adamprimus & Co is not a law firm nor a representative of Paramount or TBSB in any capacity. Rather, the firm — a licensed professional practice in insolvency and restructuring — was appointed as receiver and manager of Prismaworld Embassyview Sdn Bhd.
Prismaworld alleges the SPA, signed on 12 December 2024 between TBSB and Adamprimus & Co, is invalid. The plaintiff is also accusing RHB Bank of breaching its duties as a legal charge holder and is seeking to bar all three defendants from any further dealings with the land until the matter is resolved in court.
Should the court void the sale, Prismaworld has expressed its intent to sell the land to Al Shamal LLC-FZ. The injunction application is scheduled to be heard by the High Court on 20 May.
In a statement, Paramount clarified that the lawsuit is not expected to have a material impact on the group’s financials. The SPA includes provisions allowing TBSB to terminate the transaction and seek a refund in the event of legal complications.
TBSB has appointed legal counsel and stated its confidence in defending against the injunction.
The land in Taman U-Thant is considered a key strategic asset, situated only 700 metres from Paramount’s existing luxury developments, The Atrium and The Ashwood. The site was projected to yield a gross development value (GDV) of at least RM300 million over five years.
Paramount’s shares ended trading on Friday up two sen, or 2.11%, at 97 sen, giving the group a market capitalisation of RM604.09 million.
