Announcements

Date : 01 April 2016

MATERIAL LITIGATION MATERIAL LITIGATION LEGAL SUIT AGAINST PT ANGLO SLAVIC UTAMA (1st Defendant), TEY POR YEE (2nd Defendant) AND OOI KOCK AUN (3rd Defendant)

PROTASCO BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
MATERIAL LITIGATION LEGAL SUIT AGAINST PT ANGLO SLAVIC UTAMA (1st Defendant), TEY POR YEE (2nd Defendant) AND OOI KOCK AUN (3rd Defendant)

As announced previously, Protasco Berhad (“Company”) has initiated legal proceedings against PT Anglo Slavic Utama (“1st Defendant”) and two of its former directors, namely Tey Por Yee (“2nd Defendant”) and Ooi Kock Aun (“3rd Defendant”) and the said legal proceedings has not been fixed for trial.

On 26 February 2016, the Company announced that the Company’s legal action against the 1st Defendant is now stayed pending the arbitration proceedings between the Company and the 1st Defendant.

The Company wishes to announce that the 2nd and 3rd Defendants have on 25 March 2016 filed a fresh application for a stay of the Company’s action against them pending inter-alia the disposal of the arbitration proceedings between the Company and the 1st Defendant (“stay applications”). The Court has fixed 20 May 2016 to hear the stay applications. The Court has also fixed a hearing date on 20 May 2016 for the Company’s application for a discovery order under the Bankers’ Book (Evidence) Act 1949.

The Company further wishes to announce that an ex-parte application for Mareva injunction against the 2nd and 3rd Defendants was filed on 29 March 2016 which was fixed for hearing on 31 March 2016 and 1 April 2016.

On 1 April 2016, an ad interim order was granted by the Court until the disposal of the inter-parte hearing which is fixed on 13 June 2016, restraining the 2nd and 3rd Defendants whether by themselves, their agents, their servants, their licensees or anyone of them or otherwise from:-

(a)       removing from Malaysia any of their assets which are in Malaysia whether owned legally or beneficially by them and whether in their own name or not and whether solely or jointly owned up to the value of RM60million;  and

(b)       disposing of or dealing with or diminishing the value of any of their assets whether they are in or outside of Malaysia whether owned legally or beneficially by them and whether in their own name or not and whether solely or jointly owned up to the value of RM60million, and that this prohibition includes without affecting the generality of the foregoing assets, all properties of the 2nd and 3rd Defendants.






Announcement Info

Company Name PROTASCO BERHAD
Stock Name PRTASCO
Date Announced 01 Apr 2016
Category General Announcement for PLC
Reference Number GA1-01042016-00074



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