As previously announced, HCM Engineering
Sdn. Bhd. (“HCM”), a wholly owned subsidiary of Protasco Berhad received notice
on 25 October 2011 that two judgments in default of appearance were entered
against them for the sum of RM507,661.78 in Shah Alam High Court Suit No:
22-1558-2010 and the sum of RM9,960,492.17 in Shah Alam High Court Suit No:
22-1559-2010 respectively.
Both judgments were entered on 11 July
2011 and carry interest at the rate of 8% per annum from 6 December 2010 till
the date of full realisation.
As also previously announced, the hearing for
the striking out application and the Plaintiffs’ Amendment Application
proceeded on 14 May 2014 and was concluded on 25 June 2014. A decision date for
the striking out application and the Plaintiffs’ Amendment Application is fixed
on 12 August 2014.
As an update, Protasco Berhad wishes to
announce that at the decision date on 12 August 2014, HCM’s striking out
application for both Shah Alam High Court Suit No: 22-1558-2010 and Shah Alam
High Court Suit No: 22-1559-2010 were allowed with costs of RM6,000.00 (in
total for both suits) to be paid by the Plaintiff, Menuju Asas Sdn Bhd to HCM.
The Plaintiff’s Amendment Application was dismissed with costs of RM3,000.00 to
be paid by the Plaintiff to HCM.