About Bizwheel
The main component of a healthy environment for self esteem is that it needs be nurturing. It should provide unconditional warmth.
MATERIAL LITIGATION
| AEON CO. (M) BHD |
| Type | Reply to query |
| Reply to Bursa Malaysia's Query Letter - Reference ID | CY-110719-41376 |
| Subject | MATERIAL LITIGATION |
| Description | AEON CO. (M) BHD. (“AEON” or the “Company”) - Legal Proceeding initiated by AEON against D’Aseania Mall Sdn Bhd (“D’Aseania”) among others to accept the repudiation of the Agreement to Lease and Infrastructure Agreement both dated 17 February 2006 (“Agreements”) and to recover all outstanding sums due and owing by D’Aseania to AEON |
| Query Letter Contents | We refer to your Company's announcement dated 15 July 2011 in respect of the aforesaid matter. In this connection, kindly furnish Bursa Securities with the following additional information for public release:- The date the Defence and Counterclaim was served on AEON. The particulars of the claim under the Defence and Counterclaim, including the interest rate, if any. The details of the circumstances leading to the filing of the Defence and Counterclaim against AEON. The financial and operational impact of the Defence and Counterclaim on the AEON Group. The expected losses, if any arising from the Defence and Counterclaim. The steps taken and proposed to be taken by AEON in respect of the Defence and Counterclaim. Please furnish Bursa Securities with your reply within one (1) market day from the date hereof. Yours faithfully SUZALINA HARUN Head, Issuers Listing Division Regulation /WCY copy to:- General Manager & Head, Market Surveillance, Securities Commission (via fax) |
Reference is made to the announcement dated 15 July 2011 and Bursa Malaysia Berhad’s letter dated 19 July 2011. The Board of Directors of AEON wishes to provide the following additional information:- (1) The Defence and Counterclaim was served on AEON on 13 July 2011 evening; (2) The particulars of D’Aseania’s claim under the Defence and Counterclaim, including the interest rate are as follows:-
(b) Damages of RM36,078,441.11 (allegedly comprised the alleged loss and shortfall of rentals, reimbursement of the costs and expenses for architectural works, installation of the signages, equipments and such other mechanical and engineering parts of the AEON Seberang Prai City Shopping Centre) (c) Interest rate of 8% per annum based on the total damages calculated from the filing date of the Counter Claim until the full settlement thereof; (d) Cost; and (e) Other reliefs that will be deemed fair, appropriate and reasonable by the Court.
(b) In view of the above, AEON has on 14 June 2011 initiated a legal proceeding in the High Court of Malaya, Kuala Lumpur to accept the repudiation of the aforesaid Agreements by D’Aseania due to such material breaches by D’Aseania and to claim, among others, the damages and reimbursements of a sum exceeding Ringgit Malaysia Ten Million (RM10,000,000.00) and general damages as a result of such repudiation of the aforesaid Agreements (“AEON’s Legal Proceeding”). (c) After AEON’s summons and statement of claim has been served on D’Aseania and/ or D’Aseania’s solicitors, D’Aseania has taken the ordinary course of action to respond to AEON’s Legal Proceeding by filing a Defence and Counterclaim on 13 July 2011, counterclaiming the alleged loss and shortfall of rentals, reimbursement of the costs and expenses for architectural works, installation of the signages, equipments and such other mechanical and engineering parts of the AEON Seberang Prai City Shopping Centre allegedly totaling RM36,078,441.11 which is baseless based on AEON’s solicitors’ advice.
(6) Unless and until the dispute between AEON and D’Aseania is otherwise resolved, the steps taken and proposed to be taken by AEON in respect of the Defence and Counterclaim will be that AEON shall file the Reply to D’Aseania’s Defence and Defence to D’Aseania’s Counterclaim and such other pleadings which are necessary in AEON’s Legal Proceeding according to the advice of its solicitors to safeguard its interest. The Company will make the necessary announcement on the further development of the above matter as and when necessary. This announcement is dated 20 July 2011. | |
Announcement Info
| Company Name | AEON CO. (M) BHD |
| Stock Name | AEON |
| Date Announced | 20 Jul 2011 |
| Category | General Announcement |
| Reference No | CC-110720-62758 |