MATERIAL LITIGATION Kwantas Corporation Berhad ("Kwantas" or "the Company") - Writ of Summon and Statement of Claim by Shanghai Hengtong Energy Development Co. Ltd. ("the Plaintiff") against Dongma Palm Industries (Zhangjiagang) Co. Ltd. ("the Defendant") - Shanghai No.1 Intermediate Court, Appeal No: (2019)-01-15862 ("the Court")
| KWANTAS CORPORATION BERHAD |
| Type | Announcement |
| Subject | MATERIAL LITIGATION |
| Description | Kwantas Corporation Berhad ("Kwantas" or "the Company")
- Writ of Summon and Statement of Claim by Shanghai Hengtong Energy Development Co. Ltd. ("the Plaintiff") against Dongma Palm Industries (Zhangjiagang) Co. Ltd. ("the Defendant")
- Shanghai No.1 Intermediate Court, Appeal No: (2019)-01-15862 ("the Court") |
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Further to our previous announcement dated 24th October 2019, 18th December 2019 and 9th January 2020, the Board of Directors of Kwantas wishes to announce that the Court had dismissed the mediation between the Plaintiff and the Defendant and ordered the appeal to be dismissed at the same time. The Court upheld the decision of the original Shanghai Pudong New Area People's Court. The Defendant lost the appeal and is liable to pay the judgement sum of RMB24,436,767.54 (equivalent to approximately RM14,417,692.85). As advised by the Company's China lawyer, payment instruction of the judgement sum has yet to be given by the Court and it is anticipated that payment will be made in March 2020. The Court further adjudged that the Court's appeal costs amounting to RMB163,983.00 (equivalent to approximately RM97,356.71) shall be borne by the Defendant. The Company is considering various legal option available including reserving the right and seek for retrial of the case. This announcement is dated 14th February 2020. |
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Announcement Info
| Company Name | KWANTAS CORPORATION BERHAD |
| Stock Name | KWANTAS |
| Date Announced | 14 Feb 2020 |
| Category | General Announcement for PLC |
| Reference Number | GA1-13022020-00019 |