LYSAGHT

2.220

-0.08 (-3.5%)

MATERIAL LITIGATION Hong Kong International Arbitration Centre Case No. HKIAC/A20292 Claimant: Macsteel International Far East Limited (Hong Kong) Respondent: Lysaght Galvanized Steel Berhad

LYSAGHT GALVANIZED STEEL BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
Hong Kong International Arbitration Centre Case No. HKIAC/A20292 
Claimant: Macsteel International Far East Limited (Hong Kong)
Respondent: Lysaght Galvanized Steel Berhad

Pursuant to Paragraph 9.04(g) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, Lysaght Galvanized Steel Berhad (“the Company”) would like to announce the commencement of arbitration by Macsteel International Far East Limited (“the Claimant”) against the Company in connection with a dispute relating to three alleged contracts for the sale of steels coils on various dates i.e. 17 January 2020, 18 February 2020 and 24 February 2020 (“the Arbitration”). In this regard, the Company has been duly served with the Notice of Arbitration on 15 December 2020 from the Claimant’s solicitors, Ince & Co.

 

The Notice of Arbitration and Statement of Claim alleges that the Claimant is owed a total amount of US$1,555,656.12 by the Company for goods sold and delivered pursuant to the three alleged contracts for sale of steel coils. The Company is denying and refuting all the Claimant’s allegations of liability and claims for damages and states that these alleged contracts are forgeries.

 

None of the Directors and/or major shareholders of the Company and/or persons connected with them have any interest, direct or indirect in the Arbitration proceedings.

 

The Company is seeking legal advice on the alleged forged contracts and will make further announcements on any material development concerning this matter from time to time.

 

This announcement is dated 16 December 2020.

 






Announcement Info

Company Name LYSAGHT GALVANIZED STEEL BERHAD
Stock Name LYSAGHT
Date Announced 16 Dec 2020
Category General Announcement for PLC
Reference Number GA1-16122020-00101