KHEESAN

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MATERIAL LITIGATION KHEE SAN BERHAD ("THE COMPANY") - HIGH COURT OF MALAYA AT KUALA LUMPUR CIVIL SUIT NO.: WA-22M-269-07/2020 - Default in Payment pursuant to Paragraph 9.19A of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad - Default in Payment to Maybank Islamic Berhad

KHEE SAN BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
KHEE SAN BERHAD ("THE COMPANY") 
- HIGH COURT OF MALAYA AT KUALA LUMPUR CIVIL SUIT NO.: WA-22M-269-07/2020 
- Default in Payment pursuant to Paragraph 9.19A of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad  
- Default in Payment to Maybank Islamic Berhad

We refer to the Company’s announcements made on 6 July 2020, 8 July 2020, 10 July 2020 and 13 July 2020 in respect of Default in Payment to Creditor Banks and the announcement made on 15 July 2020 in respect of the Writ of Summons filed by the Company and its wholly owned subsidiary Khee San Food Industries Sdn Bhd (“KSFI”) against Maybank Islamic Berhad (“MIB”).

 

The Company would like to announce that it had received a sealed copy of Writ and Statement of Claim on 27.7.2020 filed by MIB via Messrs Shook Lin Bok against KSFI and Khee San Berhad (“KSB”).

 

MIB’s claim against KSFI and KSB are as follows :-

 

1.       the sum of RM1,060,412.56 as at 30.6.2020;

 

2.       further profit on the utilized Facility Amount in the sum of RM1,000,000.00 at 1.75% per annum above the Plaintiff’s Base Financing Rate calculated on daily basis from 1.7.2020 until full settlement or upon reaching maximum Plaintiff’s Profit from the Plaintiff’s Sale Price of RM1,542,500.00, whichever is earlier;

 

3.       the sum of RM5,467,194.64 as at 30.6.2020;

 

4.       ta’widh (Compensation) at the prevailing daily overnight Islamic Interbank Money Market rate calculated on the sum of RM5,408,950.95 from 1.7.2020 until full settlement;

 

5.       costs on a solicitor-client basis; and

 

6.       such further and/or other relief as the Court deems fit.

 

The Solicitors of the Company, Messrs Krish Maniam & Co is of the view that the above claims were similar claims made by the Company and KSFI against MIB. Wherefore, Messrs Krish Maniam & Co will file an application to the Court to consolidate the 2 matters in due course.

 

The case-management (via e-review) of the above matter has been fixed on 5.8.2020 before the Senior Assistant Registrar, Tuan Mohamad Firdaus Bin Sadina Ali.

 

The Company will make the necessary announcements to Bursa Malaysia Securities Berhad as and when there are further developments in relation thereof.

 

This announcement is dated 27 July 2020.






Announcement Info

Company Name KHEE SAN BERHAD
Stock Name KHEESAN
Date Announced 27 Jul 2020
Category General Announcement for PLC
Reference Number GA1-27072020-00131