News
Advance Synergy Berhad ("ASB" Or "Plaintiff") Legal Action Against Perbadanan Kemajuan Negeri Kedah ("PKNK")
BackJul 05, 2004
| General Announcement Reference No AS-040705-64201 |
| Company Name | : | ADVANCE SYNERGY BERHAD |
| Stock Name | : | ASB |
| Date Announced | : | 05/07/2004 |
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| Type | : | Announcement |
| Subject | : | ADVANCE SYNERGY BERHAD ("ASB" or "Plaintiff") Legal Action against Perbadanan Kemajuan Negeri Kedah ("PKNK") |
Contents :
Following our announcements dated 25 March 1996, 20 August 2002 and 24 June 2003 concerning ASB's acceptance to sell its 70% equity interest in Kedah Marble Sdn Bhd ("KMSB") to PKNK, service of a Winding-Up Petition on KMSB and the making of a Winding-Up Order against KMSB respectively, we wish to announce that ASB had on 14 June 2004 instituted legal action vide Alor Star High Court Civil Suit No. 22-95-2004 against PKNK to recover its investment in KMSB. The Writ of Summons and Statement of Claim were sent by our Solicitors to the High Court of Malaya at Alor Star on 9 June 2004 for filing and was subsequently served vide our Solicitors' letter dated 2 July 2004 on PKNK after extraction from the High Court of the relevant cause papers.
ASB claims judgement against PKNK for:-
a. RM52,500,000.00;
b. an account to be taken to ascertain the profit which would have accrued to the Plaintiff had the KMSB shares been listed for trading on the then Kuala Lumpur Stock Exchange within 5 years from 12 December 1991 as was the common intention of the parties;
c. all necessary inquires;
d. an order for damages and/or equitable compensation for breach of fiduciary duty;
e. damages for breach of contract;
f. interest on such sums as are found to be due to the Plaintiff under each of the foregoing paragraphs (a) to (e) of this prayer on a compound basis in equity or on a simple basis pursuant to the Civil Law Act in each case at such rate and for such period as the Court thinks fit;
g. costs; and/or
h. any other and/or further relief which this Honourable Court deems fit to give.
[This announcement is dated 5 July 2004]