Barakah Offshore Petroleum Berhad (“Barakah”) wishes to inform that Barakah, with its wholly owned subsidiary, PBJV Group Sdn. Bhd. (“PBJV”) and Nik Hamdan Bin Daud (“NHD”) (collectively referred to as Plaintiffs) have filed a Writ of Summons and Statement of Claim dated 22.09.2020 in the High Court of Kuala Lumpur against Samling Energy Sdn. Bhd., United Power Group Holdings Limited, Yaw Holding Sdn. Bhd., Samling Resources Sdn. Bhd., Chew Theam Hock, Yaw Teck Seng, Magnadrive Sdn. Bhd. ("Magnadrive") and Syarikat Samling Timber Sdn. Bhd. (“Defendants”).

The Writ of Summons and Statement of Claim have been filed based on, summarily on the following reasons:-

1. Breach of fiduciary duties due to the internal information obtained by being part of the Board member of Barakah; and

2. One of the Defendants’ breach of contract under the Consortium Agreement dated 29.11.2017 entered with one of the Plaintiffs.

The Plaintiffs are claiming the following payments:

1. Specific damages in the sum of RM45,000,000.00 as a result of claims by Kenanga Investment Bank Berhad against NHD;

2. Specific damages in the sum of RM22,500,000.00 which is to account for 15% from source of income from five years ago totaling to RM150,000,000.00 suffered by the Plaintiffs as a result of the Defendants’ breach of the Consortium Agreement dated 29.11.2007; 

3. Specific damages in the sum of RM220,038,028.00 as a result of share-selling by MagnaDrive;

4. General damages as a result of the Defendants’ breach of fiduciary duties; and

5. Such further and other relief as the Court deems fit.

The Writ of Summons and Statement of Claim have been filed by their firm of solicitors M/s Ram Reza & Muhammad.

This announcement is dated 23 September 2020.