MATERIAL LITIGATION Penang High Court Civil Suit No.: PA-22NCvC-216-11/2017 (Suit 216) IRE-TEX CORPORATION BERHAD (Ire-Tex) against Teh Eng Huat (TEH") and Khoo Hun Sniah (KHS)

IRE-TEX CORPORATION BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
Penang High Court Civil Suit No.: PA-22NCvC-216-11/2017 (Suit 216) IRE-TEX CORPORATION BERHAD (Ire-Tex) against Teh Eng Huat (TEH") and Khoo Hun Sniah (KHS)

Reference is made to the Company’s earlier announcement dated 2 November 2017.

 

Further to the aforesaid Company’s announcement, the Board of Directors of Ire-Tex wishes to inform that :-

 

(a)        Ire-Tex, the Plaintiff has filed a summary judgment application dated 20 December 2017 against the Defendants, TEH and KHS (“the Summary Judgment Application”);

(b)        TEH and KHS have filed a striking out application dated 11 December 2017 against Ire-Tex (“the Striking Out Application”).

 

Ire-Tex had also filed an ex parte application dated 20 December 2017 to injunct TEH from dissipating assets (“the Ex Parte Injunction Application”).

 

On 3 January 2018, the High Court Judge granted Order in terms with regard to the Ex Parte Injunction Application. The High Court through its Order dated 3 January 2018 had amongst others ordered the following :-

TEH, whether by himself, his agent, his servant, his solicitor or any of them is prohibited and an Order is made against TEH either by himself, his agent, his servant, his solicitor or any of them from conducting any of the following acts until the full disposal of this action or a further order from this Honorable Court:
(a) to remove from Malaysia any assets within Malaysia whether owned or legally beneficially by TEH and whether in his own name or not and whether  wholly or jointly owned up to a value of RM5,052,088.80; and    
(b) to dispose of, to deal with, or to depreciate the value of any of TEH's assets in Malaysia either in his own name or not and wholly or jointly owned up to the value of RM5,052,088.80, and this prohibition includes without prejudice to the general nature of the assets stated before this, all the assets of TEH which include:
         (i) 39,000,000 ordinary shares in MQ Technology Berhad (Company No. 635804-H); and
       (ii) 2,680,088 warrants in MQ Technology Berhad (Company No. 635804-H).”

 

The Court has also fixed case management for the Summary Judgment Application, the Striking Out Application and the inter parte Injunction Application on 8 January 2018, Monday at the Penang High Court.

The Company will make a further announcement in respect of this matter in due course.






Announcement Info

Company Name IRE-TEX CORPORATION BERHAD
Stock Name IRETEX
Date Announced 04 Jan 2018
Category General Announcement for PLC
Reference Number GA1-04012018-00039