Investor Relations

Stock Exchange Filings

Stock Exchange Filings

Material Litigation

Back 18 Jul 2018

 

Type Announcement
Subject MATERIAL LITIGATION
Description

1. KUALA LUMPUR HIGH COURT CIVIL SUIT NO: D1-22-1960-2008 CELCOM (MALAYSIA) BERHAD (CELCOM) & TECHNOLOGY RESOURCES INDUSTRIES BERHAD (TRI) VS TAN SRI DATO TAJUDIN BIN RAMLI (TSDTR) & 6 OTHERS (CONSPIRACY SUIT) 2. KUALA LUMPUR HIGH COURT CIVIL SUIT NO: D5-22-610-2006 CELCOM & TRI) VS TSDTR AND 8 OTHERS (INDEMNITY SUIT)

Axiata Group Berhad (“Axiata”) refers to the following announcements: -

 

  1. 28 April 2006 by Telekom Malaysia Berhad on the commencement of the Indemnity Suit against, inter alia, TSDTR and Bistamam Ramli (“BR”);
  2. 24 October 2008 by TM International Berhad (now known as Axiata) on the commencement of the Conspiracy Suit against, inter alia, TSDTR and BR; and
  3. 14 May 2018 by Axiata on the directions by the High Court on 8 May 2018 (as a result of the Receiving Order and Adjudicating Order entered against TSDTR and BR on the same day in the Shah Alam High Court Bankruptcy No. BA-29NCC-1091-02/2016 and the Shah Alam High Court Bankruptcy No. BA-29NCC-1092-02/2016 respectively).

 

The Indemnity Suit is in relation to the breaches of duty involving the entry into the Subscription Agreement dated 25 June 1996 (“Subscription Agreement”) between Deutsche Telekom AG, TRI and Celcom, the Supplemental Agreement dated 7 February 2002 (“the 2002 Supplemental Agreement”) and the Amended and Restated Agreement dated 4 April 2002 (“ARSA”) between DeTeAsia Holdings GmbH (“DeTe”), Celcom and TRI. TSDTR and BR were inter alia, directors of Celcom and TRI at time of entry into the Subscription Agreement and the ARSA. Celcom and TRI claim that these agreements were entered into by the various former directors of Celcom and TRI in breach of their fiduciary duties as directors. This litigation is in relation to Celcom and TRI’s claim to seek an indemnity from the various former directors including TSDTR and BR in respect of the sums paid out to DeTe under the Award dated 2 August 2005 handed down by the Tribunal of the International Court of Arbitration of the International Chamber of Commerce Case No. 12615/MS instituted against Celcom.

 

The Conspiracy Suit is in relation to the Celcom and TRI’s claim that DeTe, Beringin Murni Sdn Bhd and the various former directors of Celcom and TRI including TSDTR and BR (“Defendants”) wrongfully and unlawfully conspired with each other to injure Celcom and TRI by causing and/or committing them to enter into the 2002 Supplemental Agreement and the ARSA with DeTe. This litigation is in relation to Celcom and TRI’s claim to seek damages for conspiracy from the Defendants including TSDTR and BR.

 

Axiata wishes to announce that Celcom and TRI have today filed applications for leave under section 8 of the Bankruptcy Act 1967 to continue, inter alia, the Conspiracy and Indemnity Suits against TSDTR and BR.

 

Axiata will make further announcements from time to time in respect of any material developments on these 2 matters.

 

The announcement is dated 18 July 2018

 

 




Announcement Info

Company Name AXIATA GROUP BERHAD
Stock Name AXIATA
Date Announced 18 Jul 2018
Category General Announcement for PLC
Reference Number GA1-18072018-00049

View this website on your desktop to enjoy the full experience of www.axiata.com

Axiata Group Berhad (242188-H)Level 5, Corporate Headquarters, Axiata Tower, 9 Jalan Stesen Sentral 5, Kuala Lumpur Sentral, 50470 Kuala Lumpur