IN A rare and remarkable turnaround, 16 land purchasers who had waited nearly four decades for justice are finally seeing closure and reward, thanks to the successful liquidation of ENE (Sg Besar) Sdn Bhd, a company dissolved in 1997.
Each purchaser will receive RM87,010.33, a staggering 335.05% return on their original RM20,000 investment, in what is being hailed as a landmark achievement in responsible liquidation and asset recovery.
The long-running case began in the late 1980s, when the purchasers bought agricultural lots in Sungai Besar.
However, the company was dissolved by the Companies Commission of Malaysia (SSM) before the land titles could be transferred, leaving the buyers stranded without ownership rights or legal recourse.
This deadlock was finally broken in 2020 when ENE (Sg Besar) Sdn Bhd was successfully revived through the legal efforts of Messrs. Hakem Arabi & Associates. The company was placed into liquidation, and a court-supervised restructuring process began.
Appointed as liquidator, Ascentia Corporate Advisory Sdn Bhd spearheaded the recovery effort. The team assessed and tendered all 16 long-dormant agricultural lots in Sungai Besar, culminating in a successful sale and a rare full-cycle asset recovery.
What sets this case apart is not just the scale of the return, but the fact that assets from a company dormant for 22 years were recovered and equitably returned to stakeholders. In most such cases, assets remain permanently inaccessible and investor losses are written off.
“This milestone is a testament to the power of structured liquidation when combined with strategic legal and technical execution. It also reinforces our commitment to delivering real value, even in cases once thought beyond redemption,” said a representative of Ascentia. —July 16, 2025
Main image: Corporate Finance Institute
