High Court orders sale of Vida’s properties linked to over RM15.5 million unpaid financing

THE Kuala Lumpur High Court has ordered the sale of several properties belonging to a company owned by cosmetics entrepreneur Datuk Seri Hasmiza Othman, widely known as Datuk Seri Vida, to recover RM15.5 million in unpaid Islamic financing owed to Maybank Islamic.

Judicial Commissioner Norsharidah Awang granted the bank’s application to proceed with the sale after ruling that it had fulfilled the requirements under Section 256 of the National Land Code to enforce the charge over the properties.

In written grounds of judgment dated 4 March, Norsharidah stated that the bank had successfully demonstrated that financing facilities were extended to Vida Beauty Sdn Bhd and secured through charges over several parcels of land in Hulu Kinta, Perak.

“It is undisputed that the financing facility was granted to the defendant and the properties listed in the originating summons were lawfully charged as security for the financing,” she said.

Court documents revealed that Maybank Islamic had granted Vida Beauty a Commodity Murabahah Term Financing-i facility amounting to RM4.886 million, secured against seven land lots.

Following the company’s failure to meet repayment obligations, the outstanding amount rose to RM8.45 million as of 30 September 2022, including accrued profit and late payment charges.

In a separate but related financing facility secured against another property in Hulu Kinta, the outstanding sum exceeded RM7 million, prompting the bank to file a further originating summons seeking a court order for sale.

Vida Beauty opposed the application, arguing that the proceedings were defective because the bank filed its supporting affidavit outside the timeframe stipulated under the Rules of Court.

However, Norsharidah dismissed the objection, stating that the delay did not invalidate the proceedings.

“The Rules of Court 2012 do not provide that the failure to file a supporting affidavit within a specified period will automatically render the entire proceedings null and void,” she said.

The judge also rejected the company’s claim that it had not received the necessary notices, ruling that a mere denial without compelling evidence was insufficient to rebut the presumption that proper service had been effected.

Vida Beauty further disputed the bank’s claim regarding the outstanding sum, asserting that the actual debt was significantly lower than the RM8.5 million cited.

Norsharidah ruled that disagreements over the precise amount owed did not constitute a valid defence against the enforcement of the charged properties.

“The financing facility was structured based on a sale transaction, where the sale price had been clearly agreed upon in the letter of offer and the facility agreement.

“The civil court cannot rewrite the contract or substitute the agreed sale price structure on grounds of fairness or by comparing it with conventional loans,” she said.

The court also awarded RM10,000 in legal costs to Maybank Islamic.

Lawyer Wong Weng Yew represented the bank, while Haris Md Nor appeared on behalf of Vida Beauty. - March 6, 2026