KIBB was served with a sealed Writ of Summons and Statement of Claim filed by Lai Sing Foo (“the Plaintiff”) on 27 November 2019. The Plaintiff is alleging that, inter alia, the 2nd Defendant (who is a Dealer’s Representative (“DR”) of KIBB) has arranged for the Plaintiff to purchase shares of a public listed company with a promise to buy back at a higher price from the 3rd Defendant (a third party). The Plaintiff alleges that the 3rd Defendant has failed to buy back the said shares which caused the Plaintiff to suffer losses and claims, inter alia, the difference between the sale proceeds of the said shares and RM3.6 million. The Plaintiff’s claims against KIBB are on the basis that, inter alia, the 2nd Defendant is a DR with KIBB. In this regard, KIBB will contest the Plaintiff’s claims in the Court.

This announcement is dated 2 December 2019.