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MATERIAL LITIGATION Dagang NeXchange Berhad ("DNeX" or "Company") - Legal Action against Encik Mohd Ismail Khan bin Wazir Khan

DAGANG NEXCHANGE BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
Dagang NeXchange Berhad ("DNeX" or "Company")
-	Legal Action against Encik Mohd Ismail Khan bin Wazir Khan

The Board of Directors of DNeX wishes to announce that the Company and its subsidiaries namely, Dagang Net Technologies Sdn. Bhd., DNeX Telco Services Sdn. Bhd. (“DTS”), PT Dagang Samudera Hutama and PT DNeX Telco Indonesia (collectively referred to as “the Group” or “the Plaintiffs”) had on 15 November 2022 via its solicitor, Messrs. Chooi & Company + Cheang & Ariff, filed a legal action against Encik Mohd Ismail Khan bin Wazir Khan, the former Chief Executive Officer of DTS (“the Defendant”) in the Kuala Lumpur High Court.

 

The Group is seeking for the following reliefs against the Defendant:

 

  1. a declaration that the Defendant had breached his fiduciary duty, trust, duty of care, skill and diligence, duty of fidelity and duty of trust and confidence towards the Plaintiffs, in regards to the acquisition of a remotely operated vehicle (“ROV”); 
  2. a declaration that USD1,335,000 and/or all secret profits and/or other benefits obtained by the Defendant through the ROV acquisition are held on constructive trust for the Plaintiffs;
  3. an account of profits obtained by the Defendant for the sum of USD1,335,000 and/or all secret profits and/or other benefits procured through the ROV acquisition;
  4. special damages in the sum of USD1,250,000 and IDR23,764,196,250 to be paid by the Defendant to the Plaintiffs;
  5. aggravated damages against the Defendant to be assessed by the Court;
  6. exemplary damages against the Defendant to be assessed by the Court;
  7. pre-judgment interest on the sums adjudged by the Court at the rate of 5% per annum from the date of the statement of claim until the date of the judgment;
  8. post-judgment interest on the sums adjudged by the Court at the rate of 5% per annum from the date of the judgment until its full realisation;
  9. costs on an indemnity basis; and
  10. any further and/or other relief that the Court deems fit and proper.

Further announcements on any material development will be made as and when it is appropriate and/or necessary.

 

This announcement is dated 15 November 2022. 






Announcement Info

Company Name DAGANG NEXCHANGE BERHAD
Stock Name DNEX
Date Announced 15 Nov 2022
Category General Announcement for PLC
Reference Number GA1-15112022-00034