MATERIAL LITIGATION UPDATE ON MATERIAL LITIGATION PURSUANT TO PARAGRAPH 9.04 (f) OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD ("MMLR")

GETS GLOBAL BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
UPDATE ON MATERIAL LITIGATION PURSUANT TO PARAGRAPH 9.04 (f) OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD ("MMLR")

Further to the Company's announcement on 9 June 2020 in respect of the summary judgement obtained by AmBank (M) Berhad (“the Plaintiff”) on 5 June 2020  claiming for the recovery of a sum of RM3,033,357.56 for its outstanding bank facility, the Company wishes to inform that it had on 8 July 2020 received a notice pursuant to the provision of section 465(1)(e) of the Companies Act 2016 from the Plaintiff requesting for the sum to be paid within six months from the date of the service of the notice pursuant to Companies (Exemption) (No 2) Order 2020. 

The Company has previously instructed the appointed solicitor to file an application for a stay execution and appeal to the Court of Appeal against the decision made by the Court on 5 June 2020. In addition to that, upon consultation with its solicitor, the Company is of the opinion that the notice is wrongly issued and has decided to oppose the notice. In the premises, the company instructed its solicitor to challenge the notice in the High Court to declare the same null and void and/or invalid.

The Company is also of the view that Ambank should not have issued the winding up notice since Ambank had already obtained an Order for Sale of the land held under title no. HS (D) 135115, PTB 13338, Bandar Johor Bahru, Daerah Johor Bahru, Negeri Johor, which is charged to Ambank.

Further, in respect of the foreclosure proceedings brought by Ambank Islamic Berhad against Super Trans Composite Sdn Bhd (“STCP”) on its properties comprising of lots No: 20806, 20807, 20808, 20809, 20817, 20818 and 20819, Mukim Asam Kumbang, Daerah Larut dan Matang, Perak (“the Lands”) for the recovery of claimed sums of RM5,105,315.09 and RM4,474,942.40 whereby the application was granted by the Court on 28 February 2020, the Court on 8 July 2020 has fixed the date for the Auction to be held on 24.09.2020 at 11.00 am.

STCP, as announced on 30 June 2020, has accepted an offer from Mr Teong Lian Aik to purchase the Lands and the parties are presently in the process of finalising the Sale and Purchase Agreement. The proceeds from the sale shall be utilised towards repayment of the outstanding banking facility due to the bank.

This announcement is dated 9 July 2020.






Announcement Info

Company Name GETS GLOBAL BERHAD
Stock Name GETS
Date Announced 09 Jul 2020
Category General Announcement for PLC
Reference Number GA1-09072020-00088