Singapore-listed Parkson Retail Asia Ltd’s (PRA) Cambodian unit has been ordered to pay US$144.50mil as damages to Hassan (Cambodia) Development Co., Ltd as rental fee over the whole period of the lease under the agreement.
The unit, Parkson (Cambodia) Co. Ltd’s security deposit and all advanced rental payments paid to Hassan (Cambodia) amounting to US$4.48mil will also be forfeited.
This was based on a statement issued by PRA, a 67.96% owned subsidiary of Parkson Holdings Bhd. Parkson Holdings issued PRA’s statement to Bursa Malaysia on Monday.
In full: https://www.thestar.com.my/business/business-news/2020/04/27/cambodian-court-rules-against-parkson-singapore-subsidiary-ordered-to-pay-us144m-rental-fee