Further to the announcement dated 6 May 2021, the Board of Directors of the Company wishes to announce that the appeal lodged by the Company at the Court of Appeal vide Civil Appeal No.: W-02(IM)(NCVC)-1122-08/2020 was allowed and the judgment given by the High Court on 7 August 2020 was set aside in the entirety. 

This effectively sets aside the judgment by the High Court on 7 August 2020 which ordered for:

(a) the Late Payment Interest of RM50,542,117-82 calculated at 8% per annum from the balance purchase price of RM134,500,000-00 from 25 October 2015 – 6 July 2020;
 

(b) the Late Payment Interest be calculated at 8% per annum from the Balance Purchase Price of RM134,500,000-00 is to continue from 7 July 2020 - date of completion and delivery of the Vendor's Entitlement in accordance with the terms of the Sale and Purchase Agreement dated 19 August 2011.

Consequently, the Company also succeeded in defending the two appeals lodged by STAR vide Civil Appeal No.: W-02(IM)(NCVC)-1188-09/2020 and Civil Appeal No. W-02(IM)(NCVC)-1435-10/2020.

The Court of Appeal directed that Suit No.: WA-22NCVC-258-04/2019 where the Company has counterclaimed for damages arising from loss of profit from corporate exercise, loss of reputation and loss and impact on the status of the Defendant as public listed company and WA-22NCVC-374-05/2019 where the Company has claimed for the sum of RM248,242,987-62 as liquidated ascertained damages, RM297,035,481-00 as loss of proceeds from corporate fundraising exercise and refund of RM50,000,000-00 together with all interests pursuant to the Bank Guarantees be refunded, be reverted back to the High Court for full trial before Justice Nazlan Mohd Ghazali.

The Company will make further announcement on developments of the above matter as and when necessary.

This announcement is dated 28 July 2021.