BRIGHT PACKAGING INDUSTRY BERHAD TO INTERVENE AS INTERVENER ON CIVIL SUIT NO. WA-22NCC-171-05/2020
| BRIGHT PACKAGING INDUSTRY BERHAD |
| Type | Reply to Query |
| Reply to Bursa Malaysia's Query Letter - Reference ID | IQL-07092020-00001 |
| Subject | BRIGHT PACKAGING INDUSTRY BERHAD TO INTERVENE AS INTERVENER ON CIVIL SUIT NO. WA-22NCC-171-05/2020 |
| Description | BRIGHT PACKAGING INDUSTRY BERHAD TO INTERVENE AS INTERVENER ON CIVIL SUIT NO. WA-22NCC-171-05/2020 |
| Query Letter Contents | We refer to your Company’s announcement dated 4 September 2020, in respect of the aforesaid matter. 1) Details of the Civil Suit No. WA-22NCC-171-05/2020, including but not limited to the date of the civil suit, parties involved, amount and interest claimed, salient terms and progress status up to-date. 2) Please clarify further on how your Company has any interest and will be impacted arising from the said suit. Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.
Yours faithfully, Regulation Cc : Market Surveillance Dept. , Securities Commission (via fax) |
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We refer to the announcement by the Company dated 4 September 2020 (“Announcement”) and the query from Bursa Malaysia Securities Berhad (“Bursa Securities”) dated 7 September 2020 on the above matter (“Bursa Query”). Unless otherwise stated, the terms used throughout this announcement shall have the same meanings as defined in the Announcement.
The Company wishes to announce the following additional information as required by Bursa Securities pursuant to the Bursa Query:-
1. The Company came to know about that the Company is the subject matter in Kuala Lumpur High Court Civil Suit No.: WA-22NCC-171-05/2020 (“Suit 171”) after it was reported in the news article.
2. Suit 171 was filed on 8 May 2020 by the Securities Commission of Malaysia (“Plaintiff”) against the certain shareholders of the Company namely Wong Shee Kai, Teh Sew Wan and Wong SK Holdings Sdn Bhd (“Defendants”).
3. On 10 May 2020, the Plaintiff has obtained an ex-parte Order from the Kuala Lumpur High Court. The said ex-parte Order has, amongst others, restrained the Defendants from withdrawing and disposing assets up to a sum of RM169,223,500.00.
4. The Plaintiff has alleged that the Defendants have caused the Company to suffered losses, in contravention of Section 179 of the Capital Markets and Services Act, 2007 via several corporate exercises held in the past.
5. There are no reliefs sought by the Plaintiff, or any other party, against the Company.
6. From Suit 171, the Company is the subject matter of the Plaintiff’s allegations against the Defendants. The Company has an interest towards the issues and questions raised in the Suit 171. Primarily, it concerns about the allegations that may affect the Company’s global reputation as a contract manufacturer for multinational companies as well as the Company’s banking relationship with various financial institutions.
7. As such, the Company has sought to intervene in Suit 171 to protect its interest. The filing of Suit 171 will not materially impact the Company in terms of its operations or its finances.
8. At present, the Company understands that the Defendants are seeking to set aside an ex-parte Order dated 10.5.2020.
This announcement is dated 8 September 2020.
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Announcement Info
| Company Name | BRIGHT PACKAGING INDUSTRY BERHAD |
| Stock Name | BRIGHT |
| Date Announced | 08 Sep 2020 |
| Category | General Announcement for PLC |
| Reference Number | GA1-08092020-00051 |