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Reference is made to our announcements released on 10 November 2009 and 12 November 2009 concerning the Originating Summons No. D-24NCC-72-2009 dated 3 November 2009 which was issued on the application of ACE INA International Holdings Ltd (“ACE INA”)(as “Plaintiff”) and served on Advance Synergy Capital Berhad (now a private limited company, Advance Synergy Capital Sdn Bhd )(as “Defendant”) on 9 November 2009 (“Originating Summons”).
We wish to inform the Exchange of the following outcome from the hearing on 12 May 2010:-
1. ASCAP’s application to stay further proceedings in the Originating Summons pending disposal of its appeal to the Court of Appeal (“Arbitration Appeal”) [against the dismissal by the Court of ASCAP’s application to stay proceedings to refer the dispute to arbitration], has been dismissed by the Judicial Commissioner with no order as to costs.
In dismissing ASCAP’s said application, the Court gave ASCAP liberty to file afresh for a stay if the Orders made in the Originating Summons should reach an irreversible state before its Arbitration Appeal is heard and disposed of.
The Arbitration Appeal is pending hearing and has not been disposed of by the Court of Appeal.
2. In the hearing for the Originating Summons, the Judicial Commissioner granted orders sought by the Plaintiff on the following:-
a. ASCAP to give its written consent in the required format, if any, and/or provide any requested documents and/or information to Bank Negara Malaysia ("BNM") and/or Minister of Finance and/or where requested, to meet with the relevant officers of BNM that are necessary to allow ACE INA to proceed with (i) its application for the requisite approval of the Minister of Finance under Section 67 of the Insurance Act 1996 for the acquisition and disposal of the Defendant’s 49% equity interest in ACE Synergy Insurance Berhad to the Plaintiff, and (ii) any appeals arising therefrom; and
b. Costs amounting to RM10,000 to be borne by the Defendant.
ASCAP will be seeking further legal advice on this matter.
This announcement is dated 13 May 2010. |
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