KUALA LUMPUR: Bintai Kinden Corp Bhd has secured a financial agreement with MBSB Bank Bhd which entails a conditional relief indulgence (CRI) for Optimal Property Management Sdn Bhd.
The company said the CRI is a break-through development in its journey towards financial stability and legal clarity.
Under the salient terms of the CRI, Optimal Property would have repaid RM3.0 million to MBSB on Friday, and would receive a six-month indulgence relief period with RM 500,000 monthly loan repayment.
More critically is the withdrawal of legal suit by the bank against Optimal Property and the Bintai Kinden, as well as Optimal Property and the company to withdraw their counterclaim against the bank, with liberty to file afresh and no order as to costs by Jan 10.
Effectively, post January 10, there will be no more legal suit against Bintai Kinden group by any of its current banking partners.