For consistency purposes, the abbreviations used in this announcement are the same as those previously defined in the announcements dated 6 March 2023 and 8 March 2023 unless otherwise defined herein.

The Board of Directors of Vizione wishes to announce that the legal suit against Ms. Yeong Moo Fun, Cik. Kalsom binti Mohamad and Liziz Platinum Sdn. Bhd. (collectively referred as to the “Defendants”) in the Kuala Lumpur High Court brought by Vizione Builder Sdn. Bhd. (VBSB), a wholly-owned subsidiary of the Company, had on 6 April 2023, has been withdrawn with liberty to file afresh.

Both VBSB and the Defendants had agreed to a settlement of their disputes vide the following terms:

a) The settlement sum shall be RM11.85 million;

b) First payment of RM7.85 million shall be paid to VBSB’s solicitor as stakeholder which the solicitor shall transfer the payment to VBSB upon resolution of the legal suit;

c) RM2.0 million shall be paid by D3 by 7 July 2023 with possible extension of three (3) months;

d) RM2.0 million shall be paid by D3’s solicitor as stakeholder three (3) months after item b;

e) A corporate guarantee was given by Fortune Associates Sdn. Bhd. and a letter of undertaking was given by the Defendants’ solicitors to secure the payment of the above. 

In the event that the Defendants fail, refuse, and/or neglect to comply with any of the above settlement terms, VBSB has the right to take legal action against the Defendants.

This announcement is dated 7 April 2023.