Aseana Properties Ltd on Wednesday said it has entered into a consent order in its legal action against several former directors and RSMC Investment Inc.

Shares in Aseana were down 11% to 7.1 US cents in London on Wednesday afternoon.

In December, the Jersey-based property development company said it started legal action with its operating subsidiary Urban DNA Sdn Bhd, or UDSB, at the Kuala Lumpur High Court in Malaysia. This is against former directors Helen Wong, Nicholas John Paris, Tan Hok Chye, Thomas Patrick Holland and his spouse, Jenny Lee, as well as RSMC.

The order restrains Wong, Lee and RSMC from enforcing or acting upon the charges created by UDSB in favour of them over 30 hotel units in the RuMa Hotel and Residence, owned by UDSB.

Wong, Lee and RSMC are restrained from starting foreclosure proceedings over the units, while UDSB cannot ‘adversely affect or jeopardise’ the director’s rights related to the charge over land agreements for the units, pending the end of the legal action.

UDSB is restricted from dealing with the units, including redeeming, disposing or transferring them.

In the case that it chooses to, UDSB must provide a 30-day written notice to the defendants. The secured amount under the charge agreements must be deposited into a joint account held by the solicitors of both groups.

Upon deposit, the defendants are required to discharge the charges over the units to the company or UDSB within 10 working days.

The secured amount will be paid to the successful party at the end of the court proceedings.

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