On 31st March 2021, N2N Connect Berhad and a few of its subsidiaries (collectively referred to as “Plaintiffs”) filed a civil suit at the Kuala Lumpur High Court (“High Court”) against Chua Tiong Hoong, Ahmad Ashraf bin Azman, Shyam Sundar Rayudu, Wong Voon Fui, Finevo Technology Sdn Bhd and AK Partner Hybrid Connect Sdn Bhd (collectively referred to as “Defendants”) for breach of N2N’s intellectual property rights, including but not limited to the copyright and trade secrets in the source codes and marketing materials; breach of fiduciary duties and breach of confidence.

The aforementioned civil suit is referred to as “Litigation”.

On 2nd April 2021, the Plaintiffs also obtained an Anton Piller Order (“Order”) from the High Court. The Order allows the Plaintiffs, subject to the terms and conditions of the Order, to enter the Defendants’ premises to inspect, take possession of documents, records or other items, which may form evidence in an action against the Defendants.

The Board is of the opinion that the Litigation is not expected to have any financial and operational impact on the Group.

The Company will make further announcements on any material development on this matter from time to time.