MATERIAL LITIGATION IRE-TEX CORPORATION BERHAD (Ire-Tex or the Company) - Writ of Summons and Statement of Claim by Ire-Tex against Tey Por Yee, Lim Chye Guan, Future Rank Sdn. Bhd., Mohd Zamzuri Bin Zakaria and Musa Bin Abu Bakar in the High Court of Malaya at Kuala Lumpur (Civil Suit No.: WA-22NCC-122-04/2017)

IRE-TEX CORPORATION BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
IRE-TEX CORPORATION BERHAD (Ire-Tex or the Company)  
- Writ of Summons and Statement of Claim by Ire-Tex against Tey Por Yee, Lim Chye Guan, Future Rank Sdn. Bhd., Mohd Zamzuri Bin Zakaria and Musa Bin Abu Bakar in the High Court of Malaya at Kuala Lumpur (Civil Suit No.: WA-22NCC-122-04/2017)
The Board of Directors of Ire-Tex wishes to announce that the Company had, via its solicitors, Messrs. Wei Li Tan & Cheong, filed a Writ of Summons and Statement of Claim in the High Court of Malaya at Kuala Lumpur against Tey Por Yee, Lim Chye Guan, Future Rank Sdn. Bhd., Mohd Zamzuri Bin Zakaria and Musa Bin Abu Bakar (“the Defendants”).    

The claim is for a sum of RM11.5 million which was caused to be paid out by Tey Por Yee and Lim Chye Guan, as the Company’s cheque signatories, to Future Rank Sdn. Bhd., when they knew or ought to know that there was no proper purpose for making such payment. The payment was received by Future Rank Sdn. Bhd. when it was known to Future Rank Sdn. Bhd. and their directors that there was no proper purpose or reason to receive the payment from the Company.    

The Company is also claiming interest and costs against the Defendants.    

Further announcement on the development of the above matter will be made to Bursa Malaysia Securities Berhad in due course.    

This announcement is dated 7 April 2017.
 




Announcement Info

Company Name IRE-TEX CORPORATION BERHAD
Stock Name IRETEX
Date Announced 07 Apr 2017
Category General Announcement for PLC
Reference Number GA1-07042017-00102