We refer to the announcements dated 29 February 2012, 26 March 2012, 25 May 2012, 6 June 2012, 1 October 2012 and 31 January 2013 pertaining to the subject matter. The terms herein shall bear the same meaning as defined in the said announcements.
The Board of Directors of MPCB wishes to announce that whilst the Company and Oriental are still pending for the inclusion of regulatory requirement to form part and parcel of the conditions of the settlement agreement with ADSB, the Company and Oriental were served with Statutory Notice pursuant to Section 218(1)(e) of the Companies Act, 1965 (“Statutory Notice”) from ADSB on 22 October 2013.
Pursuant to the Statutory Notice, ADSB demands the Company and Oriental to pay the sum of RM113,170,308.20 together with interest at the rate of 7.2% per annum calculated from 19 September 2012 under the Judgement of the Kuala Lumpur High Court dated 30 January 2013 within 21 days from the date of the delivery of the Statutory Notice. The Company is surprised on the necessity of the Statutory Notice by ADSB because the Company had at all times believed there was already an agreement on settlement by way of land in lieu of cash and it was pending the satisfaction of the statutory compliance issues.
The Statutory Notice served to the Company and Oriental will not have significant impact to the Group as the above sum has already been fully provided in the accounts of the Company. The Company and Oriental are seeking further legal advice on the Statutory Notice and other legal recourse of damages, if necessary.
Further announcement will be made of any material development changes as and when appropriate.
This announcement is dated 24 October 2013.