MATERIAL LITIGATION LAWSUIT AGAINST INNOPACK VIETNAM CO., LTD.
|TECHBOND GROUP BERHAD|
LAWSUIT AGAINST INNOPACK VIETNAM CO., LTD.
The Board of Techbond Group Berhad ("TGB") wishes to announce that Techbond (Vietnam) Co., Ltd ("the Plaintiff"), a wholly owned subsidiary of TGB, has via its solicitors, An Phu International Law Firm, filed a lawsuit against Innopack Vietnam Co., Ltd ("the Defendant") at People's Court of District 7, Vietnam. The parties had on 29 November 2019 attended a mediation session in relation to the lawsuit.
The Plaintiff's claims against the Defendant are as follows:-
1. Principal amount of approximately USD 222,127 (Equivalent to RM926,269.00), being the amount due and owing by the Defendant to the Plaintiff as at 29 November 2019.
2. Interest of approximately USD7,390 (equivalent to RM30,816.00).
The Board of Directors of the Company is of the opinion that it is necessary for the Plaintiff to pursue the civil suit to best protect its interest.
Further to the mediation session, the Defendant agreed to pay the Plaintiff the above debt on instalment basis. As such, apart from the amount claimed by the Plaintiff and the corresponding legal costs, the above lawsuit is not expected to have any material financial impact to the Company for the financial year ending 30 June 2020.
The Company has mandated An Phu International Law Firm to recover the debts from Innopack Vietnam Co., Ltd.
Further announcement will be made to Bursa Malaysia Securities Berhad as and when there are material development on the above matter.
This announcement is dated 6 December 2019.
|Company Name||TECHBOND GROUP BERHAD|
|Date Announced||06 Dec 2019|
|Category||General Announcement for PLC|