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Court Defers Winding-Up Petition Against YNH Property Unit

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YNH Property (KLSE:YNHPROP) said the High Court did not issue a winding-up order against its unit, YNH Construction, at a hearing on July 16 and has adjourned the case to Oct. 27, pending completion of a settlement with Malaysia's Inland Revenue Board (LHDN).

The company said LHDN approved a revised settlement arrangement on Thursday, under which YNH Construction will pay 5.2 million ringgit in outstanding tax by Sept. 10, according to a Friday Malaysian bourse filing.

LHDN also agreed to waive 1.7 million ringgit in tax increases, subject to the subsidiary settling the outstanding tax liability under the approved payment schedule.

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