A Malaysian property dispute has escalated into a high-stakes legal battle, with Jiankun International Bhd filing a RM12 million lawsuit against two directors of Oriental Link Properties. The conflict stems from an unfinished RM9.5 million share acquisition deal that was meant to expand Jiankun’s footprint in Penang’s real estate market.
Court documents reveal Jiankun has accused directors Lee Khoon Eng and Lee Phaik Choo of breaching their December 2023 agreement by failing to transfer 99.99% ownership of Oriental Link. The company claims it had already paid RM3.5 million as part of the deal, but faced unexpected delays due to what it describes as unreasonable additional demands from the sellers. This stalled Jiankun’s plans to develop several key Penang projects, including the Panchor Sanctuary Garden residential scheme.
In its legal filing, Jiankun is pursuing multiple remedies through the Penang High Court. The company seeks either enforcement of the original agreement with a three-day deadline for share transfer, or full reimbursement of its deposit. The lawsuit also requests court protection for three development projects tied to the disputed shares, preventing their sale until the case concludes. These include commercial properties in Nibong Tebal and Bayan Lepas valued at millions.
The legal action represents a significant setback for Jiankun’s expansion strategy in northern Malaysia. Originally positioned as a growth opportunity, the failed acquisition now threatens to become a costly legal entanglement. With the first case review scheduled for May 2025, the outcome could substantially impact both companies’ financial positions and development pipelines in Penang’s competitive property market.