We refer to the Company\u2019s announcement dated 30 August 2019 and query letter from Bursa Malaysia Securities Berhad to Company dated 4 September 2019 pertaining to the above matter.<\/p>\n\n\n\n
The terms herein shall bear the same meaning as defined in the said announcement.<\/p>\n\n\n\n
The Board of Directors of the Company wishes to provide the following additional information:-<\/p>\n\n\n\n
1. The date of presentation of the Writ of Summons and Statement of Claim.<\/strong><\/p>\n\n\n\n The Writ of Summons was issued or presented on 17 July 2019. The Statement of Claim dated 12 June 2019, which was endorsed on the Writ of Summons, was filed on 17 July 2019 by the solicitors of Safety Capital Sdn Bhd (\u201cthe Plaintiff\u201d<\/strong>)<\/p>\n\n\n\n 2. The date the Writ of Summons and Statement of Claims were served on MASTEEL.<\/strong><\/p>\n\n\n\n The Writ of Summons and Statement of Claim were received by MASTEEL on 19 July 2019.<\/p>\n\n\n\n 3. The interest rate for the total payment of RM10,681,000.<\/strong><\/p>\n\n\n\n The rate of interest, is at a rate that will be determined from time to time by the Chief Justice. The current rate is 5% per annum and is calculated from the date Judgment is delivered in favour of the Plaintiff, if successful.<\/p>\n\n\n\n 4. The details of the circumstances leading to the filing of the Writ of Summons and Statement of Claim.<\/strong><\/p>\n\n\n\n The circumstance leading to the filing of the Writ of Summons and Statement of Claim is based on the allegation that a debt of RM10.681 million is pursuant to payments made by the Plaintiff to MASTEEL between the years 2002-2004.<\/p>\n\n\n\n 5. The expected losses, if any, arising from the Writ of Summons and Statement of Claim<\/strong><\/p>\n\n\n\n As at the date of announcement, there is no expected losses arising from the Writ of Summons and Statement of Claim on the Group.<\/p>\n\n\n\n This announcement is dated 5 September 2019. We refer to the Company\u2019s announcement dated 30 August 2019 and query letter from Bursa Malaysia Securities Berhad to Company dated 4 September 2019 pertaining to the above matter. The terms herein shall bear the same meaning as defined in the said announcement. The Board of Directors of the Company wishes to provide the following […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"yoast_head":"\n
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