MATERIAL LITIGATION Initiation and commencement of legal proceedings against Teh Eng Huat and Khoo Hun Sniah in respect of their breach of contractual obligations pursuant to the Agreement dated 18.11.2013 and its supplemental agreements.

IRE-TEX CORPORATION BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
Initiation and commencement of legal proceedings against Teh Eng Huat and Khoo Hun Sniah in respect of their breach of contractual obligations pursuant to the Agreement dated 18.11.2013 and its supplemental agreements.

Company Announcement

 

Reference is made to an earlier announcement by Ire-Tex Corporation Berhad (“the Company”) dated 26 April 2017. The Board of Directors of Ire-Tex (“the Board”) wishes to announce that:-

 

1.         The Board has, after obtaining legal advice from the Company’s solicitors, resolved to commence legal proceedings against Teh Eng Huat (“Teh”) and Khoo Hun Sniah (“Khoo”) arising from Teh and Khoo’s breach of their contractual obligations towards the Company arising from a Sale and Purchase Agreement dated 18 November 2013 which was entered into between the Company, Teh and Khoo.

 

2.         The Company had previously commenced a suit against both Teh and Khoo in Penang High Court Civil Suit No. 22NCVC-166-10/2015, but which was discontinued with liberty to file afresh on 17 April 2017.

 

3.         Having reviewed the matter further, the Board is of the view that it is in the best interests of the Company to commence fresh legal proceedings against Teh and Khoo in respect of the said Sale and Purchase Agreement dated 18 November 2013. As a result, the Board has instructed the Company’s solicitors to commence a fresh suit in the Penang High Court against Teh and Khoo to claim for the outstanding sum due and owing together with the agreed contractual interest. The Writ and Statement of Claim was filed in Court earlier today.

 

4.         Further announcements will be made in due course in respect of the progress of the suit. 






Announcement Info

Company Name IRE-TEX CORPORATION BERHAD
Stock Name IRETEX
Date Announced 02 Nov 2017
Category General Announcement for PLC
Reference Number GA1-02112017-00074