The Shah Alam High Court has ordered businessman Lee Beng Tiong to repay RM470,000 to investors in a failed durian plantation venture.
Judicial Commissioner Anita Harun upheld a summary judgment against Lee, a partner in Agrigrow Enterprise, but set aside the same order against two other partners in the firm.
Under agreements signed in 2022, Agrigrow was to sublease and jointly develop 15 plots at the Bukit Lagong forest reserve in Gombak, Selangor, for a commercial durian plantation. The investors, Supernova Legacy Sdn Bhd and two others, paid RM570,000 under the joint venture agreements.
The investors said the plots were never delivered, and they rescinded the agreements and demanded a refund. Lee arranged a partial repayment of RM100,000, leaving RM470,000 outstanding.
The Selayang Sessions Court had earlier granted summary judgment against all three partners, holding them jointly and severally liable for the balance. On appeal, the High Court found that Lee had personally promised to refund the money, but that the other two partners joined Agrigrow only in February 2023, after the agreements were signed, so their liability must be decided at a full trial.
This article is general information, not legal advice. For advice on your own situation, speak to a lawyer.