MAA Group, Zurich settle longtime dispute
MAA Group will finally get to proceed with plans to buy new businesses after reaching a settlement agreement with Zurich Insurance Co. Under the settlement, Zurich has agreed to pay MAA Group RM103.43 million on top of the RM344 million acquisition price for MAA Group's interest in MAA Assurance Alliance and its subsidiaries. The RM103.43 million amount is subject to the deduction of the Senai Desaru and Domayne bonds transfer price and Prima Avenue Klang property holdback amount of RM3 million, such that the net amount payable by Zurich into the escrow account is RM78.83 million. However, Zurich will instruct and withhold the RM3 million until delivery of the individual strata titles for Block A of Prima Avenue Klang within three years.