We refer to the Company’s previous announcements dated 8 August 2019, 9 August 2019, 14 August 2019, 15 August 2019, 30 September 2019 and 22 November 2019 (“Announcements"). Unless otherwise stated, the terms used throughout the announcements shall have the same meanings as defined in the Announcements.

The Company wishes to announce that the parties have appeared before the learned High Court Judge Yang Arif Hakim Darryl Goon Siew Chye on 5 December 2019 for the Hearing of Enclosure 8 (Stay of Proceeding Application by the Company), Enclosure 11 (Summary Judgment Application by BOC) and Case Management of Enclosure 1.

As agreed by the Parties, a consent judgment has been recorded with the following terms: 

(1) The Defendants shall pay to the Plaintiff, a sum of RM16,762,980.85 as at 20 November 2019 with interest thereon at the rate of 1.25% per annum above the Plaintiff’s Base Lending Rate (“BLR”) which as at 21 November 2019 is at 6.60% per annum (and such BLR which may be fixed from time to time) on daily rests and additional interest of 1.00% per annum thereon from 21 November 2019 till the date of full settlement and costs of RM15,000.00; 

(2) Execution on the judgement under paragraph (1) above is stayed for 6 months on the terms and conditions stated in Messrs. Skrine’s letter to Messrs. Krish Maniam & Co dated 5 December 2019 (“Letter”); and

(3) The Plaintiff shall be at liberty to forthwith execute on the judgment at paragraph (1) above (entire sums of which shall be immediately due and payable by the Defendants) in the event of non-compliance of any of the terms and conditions stated in the Letter.

Meanwhile, since the Consent Judgment has been recorded, the Court has directed that by mutual consent, Enclosure 8 and 11 be withdrawn with no order to cost.

Further thereto, Enclosure 1 which was fixed for trial on 6 to 9 January 2020 has been vacated.

This announcement is dated 5 December 2019.