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Material Litigation

Back 21 Mar 2013
Type Announcement
Subject MATERIAL LITIGATION
Description KUALA LUMPUR HIGH COURT (COMMERCIAL DIVISION)
SUIT NO. S3-22-370-2004 (FORMERLY SUIT NO. D7-22-2655-2002) TECHNOLOGY RESOURCES INDUSTRIES BERHAD (“TRI”) VS TAN SRI DATO’ TAJUDIN BIN RAMLI (“1ST DEFENDANT”), DATO’ BISTAMAN RAMLI (“2ND DEFENDANT”) AND DATO’ LIM KHENG YEW (“3RD DEFENDANT”) (COLLECTIVELY “DEFENDANTS”)
Axiata Group Berhad (“Axiata”) refers to Telekom Malaysia Berhad’s announcement dated 18 September 2006 in respect of the above matter instituted by TRI, a wholly owned subsidiary of Celcom Axiata Berhad.
The suit was instituted, inter-alia, for recovery of sums paid by TRI to the 1st to 3rd Defendants (former directors of TRI) as alleged compensation for loss of office (“Compensation Payments”) and incentive payments (“Incentive Payments”).

Axiata wishes to announce that the High Court had on 20 March 2013 (“Judgment Date”) delivered its decision after full trial of the above matter and allowed TRI’s claim as follows:-

(a) Restitution to TRI of the Compensation Payments received by the Defendants as follows:-

(i) 1st Defendant to repay the sum of RM15,761,616.00;

    (ii) 2nd Defendant to repay the sum of RM3,971,775.00; and

    (iii) 3rd Defendant to repay the sum of RM5,794,408.00.


(b) Restitution to TRI of the EPF contributions on account of the Compensation Payments as follows:-

    (i) 1st Defendant to repay the sum of RM 2,705,646.00;

    (ii) 2nd Defendant to repay the sum of RM681,797.00; and
    (iii) 3rd Defendant to repay the sum of 994,670.00.
(c) Restitution to TRI of the Incentive Payments received by Defendants as follows:-

    (i) 1st Defendant to repay the sum of RM 3,412,469.76;

    (ii) 2nd Defendant to repay the sum of RM2,275,544.67; and
    (iii) 3rd Defendant to repay the sum of RM2,275,544.67.
(d) Interest at the rate of 3% per annum from the Judgment Date to the date of full realisation; and

(e) Costs to be assessed.

The High Court further dismissed the Defendants’ counterclaims and ordered that costs be assessed on 18 April 2013.

The Defendants have 1 month from Judgment Date to file an appeal to the Court of Appeal against the above decision.

Axiata will make further announcements from time to time in respect of any material developments in this matter.

This announcement is dated 21 March 2013.

 

Announcement Info

Company Name AXIATA GROUP BERHAD  
Stock Name AXIATA    
Date Announced 21 Mar 2013  
Category General Announcement
Reference No AG-130321-8D29C