Further to our announcement dated 16 July 2010 pertaining to the litigation action taken by Comintel, a wholly-owned subsidiary of Comcorp against U Television Sdn Bhd & Tan Sri Dato' Seri Vincent Tan Chee Yioun, the Board of Directors of Comcorp is pleased to announce the outcome of the above suit, the decision of which was handed down today. The details are as follows:-
1. The Plaintiff's claim for RM11,217,797.84 in respect of the remaining value of work done for Phase I of the Project is allowed;
2. Special damages in the way of storage and insurance costs of the Transmitters is allowed up to the time of the removal of the Transmitters by the 1st Defendant, and the latest account to be provided by Plaintiff;
3. Interest at the rate of 5% per annum on the amounts awarded from the date of filing of the Writ of Summons to the date of full realization;
4. In the event, the 1st Defendant fails to make payment of the judgement sum, the 2nd Defendant shall be liable to pay;.
5. The 1st Defendant's counterclaim is dismissed;
6. Consequential order that the 1st Defendant shall remove the entire transmitter system that is currently stored in the Plaintiff's premises and the bonded warehouse within a month; and
7. Costs of RM75,000.00 to be paid by the Defendants to the Plaintiff.
The said decision will contribute postively to the earnings of the Company for the financial year ending 31 January 2014.
This announcement is dated 3 October 2013.