News

Material Litigation

BackJun 13, 2011
Date Announced : 13/06/2011  



Type : Announcement
Subject :
MATERIAL LITIGATION

Description :
Advance Synergy Berhad (“ASB” or “Company”)
Legal Proceedings between Advance Synergy Capital Sdn Bhd (“ASCAP”), a wholly owned subsidiary of the Company, and ACE INA International Holdings, Ltd. with regard to ASCAP’s 49% equity interest in ACE Synergy Insurance Berhad

Announcement Details/Table Section :

 

Further to our announcement dated 3 June 2011, we wish to announce the following decisions of the High Court Kuala Lumpur on 13 June 2011:-

a.    A fine of RM15,000 was imposed on ASCAP for disobedience of the court order dated 29 November 2010.

b.    ASB and the directors of ASCAP and ASB were discharged from the committal proceedings for the disobedience of the court order dated 29 November 2010.

c.    Costs of the proceedings were ordered against ASCAP and ASB.

d.    No cost was ordered against directors of ASCAP and ASB.

ASCAP and ASB will seek solicitors’ advice on the above decisions.

This announcement is dated 13 June 2011.