MATERIAL LITIGATION IKHMAS JAYA GROUP BERHAD ("IJGB" OR "THE COMPANY") SHAH ALAM HIGH COURT SUIT NO. BA-22NCvC-196-06/2020 BETWEEN CHOO SENG HARDWARE CO (IPOH) SDN. BHD. ("PLAINTIFF") AND IKHMAS JAYA SDN BHD, ANG CHENG SIONG ("2ND DEFENDANT"), KHOO PING SEN ("3RD DEFENDANT") AND SIEW MUN LOUT ("4TH DEFENDANT")
|IKHMAS JAYA GROUP BERHAD|
IKHMAS JAYA GROUP BERHAD ("IJGB" OR "THE COMPANY") SHAH ALAM HIGH COURT SUIT NO. BA-22NCvC-196-06/2020 BETWEEN CHOO SENG HARDWARE CO (IPOH) SDN. BHD. ("PLAINTIFF") AND IKHMAS JAYA SDN BHD, ANG CHENG SIONG ("2ND DEFENDANT"), KHOO PING SEN ("3RD DEFENDANT") AND SIEW MUN LOUT ("4TH DEFENDANT")
The Board of Directors of IJGB wishes to announce that Ikhmas Jaya Sdn Bhd (“IJSB”), a wholly owned subsidiary of IJGB had been served with a Writ of Summons (“Writ”) and Statement of Claim (“SoC”) both dated 23 June 2020 by the solicitors of the Plaintiff on 2 July 2020.
2. DETAILS OF THE CIRCUMSTANCES LEADING TO THE FILING OF THE WRIT AND SOC
The Plaintiff had at the request of IJSB supplied to IJSB tools and equipment totalling RM2,688,608.60. It was agreed between the Plaintiff and IJSB that a monthly interest of 1% would be charged on the amount accrued for more than 30 days from the date of the invoices.
The Plaintiff had through its solicitor issued a letter of demand to IJSB for the amount owing of RM2,688,608.60. However, IJSB has failed, neglected and/or refused to pay all sums due and owing to the Plaintiff.
3. DETAILS OF THE CLAIM
The Plaintiff claims for judgement against IJSB as follows:-
(a) The outstanding sum of RM2,688,608.60 as at 20 May 2020;
(b) Interest of RM610,022.96 accrued on the said outstanding sum of RM2,688,608.60 at the monthly interest of 1% as at 20 May 2020;
(c) Interest on the Judgement Sum at a rate of 1% per annum from the date of this action i.e 27 May 2020 until the date of full and final settlement;
(d) Costs; and
(e) Such further and other reliefs as the Court deems fits and proper to grant.
4. FINANCIAL AND OPERATIONAL IMPACT
The Claim is not anticipated to have any significant financial and operational impact on the Group’s results for the financial year ending 31 December 2020 as the abovementioned amount has been accrued for in the financial statements.
5. DIRECTORS’ AND MAJOR SHAREHOLDERS INTEREST
None of the Directors and/or Major Shareholders of IJGB and/or persons connected to them have any interest, direct or indirect in the Writ and SoC.
6. STEPS TAKEN IN RESPECT OF THE WRIT AND SoC
The Company is in consultation with its solicitors on the appropriate action to be taken to ensure that the rights of the Company are protected.
This announcement is dated 3 July 2020.
|Company Name||IKHMAS JAYA GROUP BERHAD|
|Date Announced||03 Jul 2020|
|Category||General Announcement for PLC|