Date : 01 June 2011
MATERIAL LITIGATION TALIWORKS CORPORATION BERHAD (“Taliworks” or “the Company”) - Legal Suit Against Wijaya Baru Sdn Bhd (“Wijaya”) Shah Alam High Court Suit No. 22-1581-2010 Plaintiff : Taliworks Defendant : Wijaya [hereinafter referred to individually as the “Party” and collectively as “Parties”]
|TALIWORKS CORPORATION BERHAD|
|Description||TALIWORKS CORPORATION BERHAD (“Taliworks” or “the Company”) |
- Legal Suit Against Wijaya Baru Sdn Bhd (“Wijaya”)
Shah Alam High Court Suit No. 22-1581-2010
Plaintiff : Taliworks
Defendant : Wijaya
[hereinafter referred to individually as the “Party” and collectively as “Parties”]
We refer to our announcements on 11th January 2011 and 16th March 2011 in relation to the commencement of legal proceedings by Taliworks against Wijaya for its breach of contract pursuant to the letter of award dated 17th September 2007 in respect of the construction of Subang South Pond for “Cadangan Tebatan Banjir Lembah Kelang Dan Penyelenggaraan Untuk Sungai Kelang, Sungai Damansara, Sungai Kayu Ara, Sungai Penchala, Sungai Bahol, Main Drain Shah Alam serta lain –lain cabang berkaitan” (“the Contract”).
The Board of Directors of Taliworks wishes to update the Exchange that the Company had on 1st June 2011 entered into a Settlement Agreement with Wijaya whereby Wijaya has agreed to pay the Company a sum of Ringgit Malaysia Six Million (RM6,000,000.00) (“Settlement Sum”) as full and final settlement of all disputes and claims or other matters howsoever arising from and in relation to the legal suit as well as the Contract based on the terms of the Settlement Agreement contained therein. The Parties have further agreed that the Settlement Agreement and any payments made thereunder are made with no admission of liability by either Party and upon the full payment of the Settlement Sum, neither Party shall have any further claim against the other save and except for any claim for breach of the Settlement Agreement.
None of the Directors or substantial shareholders of Taliworks or persons connected to them has any interest, direct or indirect, in the Settlement Agreement.
This announcement is dated 1st June 2011.
|Company Name||TALIWORKS CORPORATION BERHAD|
|Date Announced||1 Jun 2011|