The Board of Directors of Bahvest Resources Berhad (“Bahvest” or “the Company”) wishes to announce that the Plaintiffs had on 6 July 2023 served a sealed Writ of Summons and Statement of Claim both dated 28 June 2023 to Datuk Lo Fui Ming (“LFM”), Lo Teck Yong (“LTY”), Chong Khing Chung (“CKC”) And Southsea Gold Sdn. Bhd. (“Defendants”).

As set out in the Writ of Summons and Statement of Claim both dated 28 June 2023, the Plaintiffs are seeking and claiming from the Defendants the following:

a)       a declaration that LFM and LTY and/or either of them have breached their fiduciary duties, duty of care and statutory duties towards Bahvest and/or otherwise exercised their powers for an improper purpose;

b)       a declaration that LFM, LTY and CKC and/or either of them have breached their fiduciary duties, duty of care and statutory duties towards WRSB and/or otherwise exercised their powers for an improper purpose;

c)       a declaration that the Temporary Resolution between WRSB and Southsea Gold Sdn. Bhd. (“Southsea”) is null and void;

d)      that the RM6,000,000.00 paid by WRSB to Southsea on 10 May 2023 be returned to WRSB;

e)       that Southsea be restrained, either by itself or through its directors, associated, officers, servants, agents, nominees or anyone else, from taking any further steps in respect of the Southsea’s Demand dated 2 May 2023 and/or the purported Temporary Resolution between WRSB and Southsea, including requesting and/or receiving any payment;

f)       that Southsea be restrained, either by itself or through its directors, associates, officers, servants, agents, nominees or anyone else from removing WRSB from Southsea’s land and/or otherwise hindering the operations of WRSB;

g)       in the interim, that Southsea be restrained, either by itself or through its directors, associates, officers, servants, agents, nominees or anyone else from carrying out any action set out in prayers (e) and (f) above until full disposal of this action;

h)       general damages to be assessed by this Honourable Court against the Defendants jointly and/or severally;

i)        exemplary damages and aggravated damages against the LFM and/or LTY jointly and/or severally;

j)        interest at the rate of 5% per annum on the judgment sum calculated from the date of judgment until the date of full settlement;

k)       costs; and

l)        such further or other reliefs that the Honourable Court deems just and proper.

The litigation is not expected to have any material financial and operational impact on the Group.

The Company will make the necessary announcement on further material development of the above matter in due course

This announcement is dated 7 July 2023.