Further to the announcements made on 6 and 23 December 2019, Magnum Berhad wishes to announce that the High Court at Labuan today granted leave to the Applicant to commence judicial review proceedings against the Director General of Inland Revenue to set aside the notices of assessment dated 29 November 2019 for the years of assessment 2014 to 2018.  The High Court also granted the Applicant a stay order against the payment of the disputed taxes until the determination of the judicial review application.

Further announcement will be made of any material development or changes as and when appropriate.
 
This announcement is dated 3 January 2020.