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MATERIAL LITIGATION ISKANDAR WATERFRONT CITY BERHAD ("IWCITY") OR ("THE COMPANY") - High Court of Johor Bahru, Johor Summons No. JA-21NCvC-13-03/2022 Kerajaan Malaysia ("Plantiff") vs Tebrau Bay Sdn. Bhd. ("Defendant")

ISKANDAR WATERFRONT CITY BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
ISKANDAR WATERFRONT CITY BERHAD ("IWCITY") OR ("THE COMPANY")
- High Court of Johor Bahru, Johor  Summons No. JA-21NCvC-13-03/2022
Kerajaan Malaysia ("Plantiff") vs Tebrau Bay Sdn. Bhd. ("Defendant")

The Board of Directors of IWCity wishes to inform that Tebrau Bay Sdn Bhd (“TBSB”), a wholly-owned subsidiary of the Company, had on 29 March 2022, been served with a Writ of Summon and Statement of Claim dated 17 March 2022 by the Government of Malaysia (“the Plaintiff”).

 

The claims pursuant to the Writ of Summon and Statement of Claim are as follows:

 

(a)   The Writ of Summon was issued by Inland Revenue Board of Malaysia (“IRB”) for and on behalf of the Plaintiff;

(b)   A claim by the Plaintiff for RM10,831,595.48;

(c)   Interest of 5% per annum on RM10,831,595.48 from the date of judgement until the date of realisation;

(d)   Costs; and

(e)   Such further or other reliefs as the Honourable Court deems fit and proper to grant.

 

At this juncture, while awaiting advice from its legal counsel on the claim, the suit is expected not to have operational impact to TBSB. If the claim is allowed, there is no material financial impact as the amount had already been fully provided in the accounts except for any additional cost or interest granted (if any).

 

TBSB is currently seeking the advice from the consultants and solicitors to handle the matter and any further material development of the above matter will be announced in due course.

 

This announcement is dated 30 March 2022.

 

 

 

 

 






Announcement Info

Company Name ISKANDAR WATERFRONT CITY BERHAD
Stock Name IWCITY
Date Announced 30 Mar 2022
Category General Announcement for PLC
Reference Number GA1-30032022-00026


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