Sun Hung Kai Securities has launched legal action to recoup money paid to New World Development for a hotel, residential and convention project in Kuala Lumpur. The sum was paid as a deposit under an 'ineffective and/or non-existent contract' or proposal to enter into a contract, according to a High Court writ. The amount involved is not disclosed in the legal document. If the contract was concluded, the writ said, Sun Hung Kai is claiming a breach by New World. Alternatively, Sun Hung Kai seeks damages for breach of any written or oral agreement between the parties in or about 1990-1992. As a result, the plaintiff is asking the court for a declaration that it was under no liability to contribute towards the funding of the project or to reimburse New World.