Reference is made to IRIS’s earlier announcements dated 23 March 2017and 28 March 2017 together with status update as per our interim report released on 26 November 2019 in relation to the Suit. Unless otherwise stated, terms in this announcement shall carry the same meanings as defined in the earlier announcements.

The Board of Directors of IRIS wishes to inform that the full trial has been completed and the High Court of Malaya today dismissed the Plaintiff’s claims against IRIS under the Suit and provided broad grounds for its decision. In broad terms, the High Court held that there was insufficient evidence to show that the Project had been arranged or obtained by the Plaintiff for IRIS in accordance with the Cooperation Agreement and therefore did not constitute Commission Business for which the 15% commission was payable in accordance with Clause 3.3 of the Cooperation Agreement. The High Court also held that there was no evidence to show that IRIS had been in breach of Clauses 3.4, 6.1, 6.3 or 10.2 of the Cooperation Agreement, as alleged by the Plaintiff.

The High Court also held that the  Plaintiff had failed to prove that IRIS together with the Defendant 2, 3 and 4 had conspired and colluded to injure the Plaintiff  and that the Plaintiff had failed to prove unlawful interference by IRIS with the contractual obligations of the Plaintiff.

The High Court then awarded costs in the sum of Ringgit Malaysia Ninety Thousand (RM90,000.00) to IRIS and to each of the other Defendants.

This announcement is dated 28 November 2019.