We refer to the previous announcements dated 27 May 2020, 13 August 2020, 24 August 2020, 3 September 2020 and 29 March 2021 in relation to the leave for commencement of judicial review proceedings filed with the Shah Alam High Court for the bills of demand amounting to approximately RM180 million issued by the Royal Malaysian Customs Department (“RMCD”) (“BODs”) filed by Tan Chong Motor Assemblies Sdn. Bhd. ("TCMA"), a subsidiary of the Company.

We wish to announce that TCMA through its legal counsel with the agreement of Attorney General and RMCD had today, 19 April 2021, filed a consent order with the Shah Alam High Court to enter into a Consent Judgment for the following:

1.            TCMA will make full and final settlement of the BODs in the following manner:

(a)          RM10,806,335.81 on or before 20 April 2021; and

(b)          The remaining balance of RM97,257,022.31 in 36 equal monthly instalments of RM2,701,583.95 each from May 2021 to April 2024;

2.            In view of the above, RMCD agrees that TCMA’s excise duty for the audit on the taxable period from November 2016 to October 2019 has been settled accordingly.

Following the filing of the Consent Order, TCMA will withdraw its present Application for Leave for Judicial Review filed with the Shah Alam High Court.

With the above Consent Judgment, the dispute between RMCD and TCMA had been settled amicably.

This announcement is dated 19 April 2021.