Legal Action against Encik Mohd Ismail Khan bin Wazir Khan ("Legal Action")
| DAGANG NEXCHANGE BERHAD |
| Type | Reply to Query |
| Reply to Bursa Malaysia's Query Letter - Reference ID | IQL-16112022-00002 |
| Subject | Legal Action against Encik Mohd Ismail Khan bin Wazir Khan ("Legal Action") |
| Description | Dagang NeXchange Berhad ("DNeX" or "Company")
- Legal Action against Encik Mohd Ismail Khan bin Wazir Khan |
| Query Letter Contents | We refer to your Company’s announcement dated 15 November 2022, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-
1) The details of the default or circumstances leading to the filing of the Legal Action. 2) The financial and operational impact of the Legal Action on Dagang NeXchange group. 3) The expected losses, if any arising from the Legal Action.
Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.
Yours faithfully LISTING REGULATION
Cc : Market Surveillance Dept., Securities Commission (via fax) |
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Further to Dagang NeXchange Berhad's (“DNeX” or the “Company”) announcement dated 15 November 2022 and Bursa Malaysia Securities Berhad’s (“Bursa Securities”) query letter reference number IQL-16112022-00002 dated 16 November 2022, we set out our responses to the same:
1) The details of the default or circumstances leading to the filing of the Legal Action. The Legal Action was filed following an investigation arising from a Whistleblower’s Report received by the Company alleging potential misconduct by the Defendant relating to the acquisition of the remotely operated vehicle (“ROV”). The subsequent investigation by an independent third party appeared to substantiate the whistleblower’s allegations and upon consultation and advice from the Company’s solicitors, the Company has decided to initiate the Legal Action.
The legal action is not expected to have any significant financial and operational impact on the DNeX group.
At this juncture, the Company does not expect to incur any expected losses arising from the Legal Action.
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Announcement Info
| Company Name | DAGANG NEXCHANGE BERHAD |
| Stock Name | DNEX |
| Date Announced | 17 Nov 2022 |
| Category | General Announcement for PLC |
| Reference Number | GA1-17112022-00012 |