IN THE HIGH COURT AT SABAH AND SARAWAK AT KOTA KINABALU ORIGINATING SUMMONS NO. K24-65 OF 2006 ZUBLIN INTERNATIONAL (M) SDN BHD (41444-W) - PLAINTIFF V. SRI DAYABENA CONTRACTORS (S) SDN BHD (313646-M) - 1ST DEFENDANT SABAH PORTS AUTHORITY - 2ND DEFENDANT SABAH PORTS SDN BHD - 3RD DEFENDANT

SURIA CAPITAL HOLDINGS BERHAD

Type

Announcement
SubjectIN THE HIGH COURT AT SABAH AND SARAWAK AT KOTA KINABALU
ORIGINATING SUMMONS NO. K24-65 OF 2006
ZUBLIN INTERNATIONAL (M) SDN BHD (41444-W) - PLAINTIFF
V.
SRI DAYABENA CONTRACTORS (S) SDN BHD (313646-M) - 1ST DEFENDANT
SABAH PORTS AUTHORITY - 2ND DEFENDANT
SABAH PORTS SDN BHD - 3RD DEFENDANT

Contents :

We wish to announce that Sabah Ports Sdn Bhd (SPSB), a wholly owned subsidiary of Suria Capital Holdings Berhad (SURIA) had been served with an Originating Summons by the Plaintiff and named as the 3rd Defendant in the above action.


The 1st Defendant is the Contractor appointed by the 2nd Defendant to undertake and complete the Proposed Construction of Sapangar Bay Container Port at Kota Kinabalu, Sabah (the said Project). The Plaintiff is the Assignee of certain section of works for the said Project under a Deed of Assignment (the said Deed) signed with the 1st Defendant. Both the Plaintaiff and 1st Defendant had also signed a Payment Agreement (the said Agreement) whereby it was agreed that all payments received under the said Project is to be paid to an agreed Designated Account. Pursuant to the privatization of the Port Undertakings of the 2nd Defendant commencing 1st September 2004, the 3rd Defendant took over and assumed certain rights and obligations of the 2nd Defendant, including for the said Project.

The Plaintiff alleged that the 1st Defendant had breached the said Deed and the said Agreement by failing to comply with the contents of the respective documents in making payment to the agreed Designated Account. The Plaintiff and 1st Defendant had agreed to refer the matter for arbitration as provided under the said Deed.

In the Originating Summons, pending the decision of the arbitration proceedings, the Plaintiff is seeking reliefs from the Court to order the 1st Defendant to comply with the contents of the said Deed and the said Agreement, in particular the agreed payment arrangement to the Designated Account, and for the 1st Defendant to be restrained from terminating the said Deed and all other related agreements.

The relief sought against 2nd and 3rd Defendant is to comply with the agreed payment arrangement between the Plaintiff and 1st Defendant.

The case had been fixed for hearing on 21st June 2006 and SPSB had appointed its Solicitors to represent it at the hearing.

The legal action will not have any material impact on the financial position or business of SPSB or SURIA Group.

SURIA will update Bursa Malaysia on the matter.




Annoucement Dated : 2nd June 2006



Announcement Info

Company NameSURIA CAPITAL HOLDINGS BERHAD  
Stock Name SURIA    
Date Announced2 Jun 2006  
CategoryGeneral Announcement
Reference NoSC-060602-56942