The Company wishes to announce the commencement of a civil suit at the Kuala Lumpur High Court by its wholly-owned subsidiary ACE Capital Growth Sdn Bhd (“ACGSB” or "Plaintiff" ) against Kua Kee Khoon (“1st Defendant”), TTT Bullion Sdn Bhd (“2nd Defendant”),  Cheang Kok Keet (“3rd Defendant”), Ho Kat Ann (“4th Defendant”), Leow Chee Wai (‘5th Defendant”) and Leow Chee Lip (“6th Defendant”). The matter has been fixed for case management before the Kuala Lumpur High Court on 5 January 2021. The reliefs sought by ACGSB in said civil suit is seeking the following reliefs against the 1st to 6th Defendants:-

a) a declaration that the 1st Defendant had acted in breach of his fiduciary and other duties to the Plaintiff;

b) declaration that the 1st Defendant had acted in breach of Section 221 of the Companies Act 2016 or otherwise in failing to disclose to the Plaintiff of his personal interest in the 2nd Defendant;

c) a declaration that the 1st Defendant had acted in breach of Section 213 of the Companies Act 2016 or otherwise in failing to exercise his powers for a proper purpose and in good faith in the best interest of the Plaintiff;

d) a declaration that the 3rd, 4th, 5th and 6th Defendants had acted as individual co-conspirators and/or joint tortfeasors together with the 1st Defendant;

e) an account be ordered to the profit made by each of the Defendants in respect of the business of the 2nd or otherwise resulting from their breach of duties or conspired acts and an order that such profits, as assessed by the Court, be paid by the said Defendants to the Plaintiff;

f) damages suffered by the Plaintiff as the result of the breach of duties by the 1st Defendant assisted by the 3rd, 4th, 5th and 6th Defendants;

g) an injunction to restrain all the Defendants or acting by their directors, officers, servants, agents or any of them from doing the following acts:-

(i) using, divulging, disclosing and/or dealing in any manner whatsoever to which the 1st Defendant had unfettered access to the confidential information of the Plaintiff including information of a confidential, trade secret and/or proprietary character and developed by the Plaintiff, either alone or with others and pertaining to the Plaintiff’s trade and Plaintiff’s  Business including information relating to the Plaintiff’s products, customers, suppliers, pricing methods, historical, current and projected financial information, marketing information, technical data and know-how, confidential evaluations of technical and business information in the public domain (“Confidential Information”).

(ii) soliciting, canvassing, taking and/or soliciting orders for gold bullion and/or other precious metals from any customers of the Plaintiff or person with whom the Plaintiff had a dealing or otherwise dealing with any such customer or person for the sale of products and/or services which are the same as the Plaintiff’s products and/or services;

h) an order that the Defendants do forthwith cause to deliver up all the copies of the customers list and any confidential information and/or trade secrets of the Plaintiff, which are in the possession, power or custody of the Defendants, the use or disclosure of which would offend against the foregoing injunction or any of them;

i) aggravated damages; 

j) exemplary damages;

k) interest on all sums adjudged to be payable to the Plaintiff at such rate and for such period as this Honourable Court deems fit and proper to grant;

l) cost; and

m) any further and other relief, which this Honourable Court deems fit and proper to be granted.

This announcement is dated 9 December 2020.