General Announcement

30/10/2003

KL HIGH COURT SUIT NO.:S5-22-1013 OF 2003 1.MALAYSIA BUILDING SOCIETY BERHAD 2.MBSB DEVELOPMENT SDN BHD 3.DEFINITE PURE SDN. BHD. -V- 1.BAHARIN BIN AYOB 2.TARIN BIN AYOB 3.KCSB KONSORTIUM SDN. BHD. 4.KAUSAR CORPORATION SDN BHD

MALAYSIA BUILDING SOCIETY BERHAD

Type

Announcement
SubjectKL HIGH COURT SUIT NO.:S5-22-1013 OF 2003
1.MALAYSIA BUILDING SOCIETY BERHAD
2.MBSB DEVELOPMENT SDN BHD
3.DEFINITE PURE SDN. BHD.

-V-

1.BAHARIN BIN AYOB
2.TARIN BIN AYOB
3.KCSB KONSORTIUM SDN. BHD.
4.KAUSAR CORPORATION SDN BHD

Contents :

KL HIGH COURT SUIT NO.:S5-22-1013 OF 2003

1. MALAYSIA BUILDING SOCIETY BERHAD
2. MBSB DEVELOPMENT SDN BHD
3. DEFINITE PURE SDN. BHD.

-V-

1. BAHARIN BIN AYOB
2. TARIN BIN AYOB
3. KCSB KONSORTIUM SDN. BHD.
4. KAUSAR CORPORATION SDN BHD


The dispute between the parties arises from a Joint Venture Project on a piece of land in Mukim Tebrau, Johor.

The Company has filed the abovementioned suit against the Defendants for amongst others, dishonestly assisting the Company's former Chief Executive Officer, Dato' Yusuf Sudin for acting in breach of his fiduciary duties to the Company in relation to the Project. The Writ and Statement of Claim was served on the Defendants on 31st July 2003. The Company has sought a Declaration that the Loan Agreement and Joint Venture Agreement entered into between the Plaintiffs and the 3rd and 4th Defendants are void and of no effect; claimed damages amounting to RM59,449,426.20 from all Defendants; General Damages; interests and costs.

On 3rd October 2003, the Defendants served on the Company's Solicitors, their Defence and Counterclaim. The 3rd and 4th Defendents have, in the Counterclaim, sought damages amounting to RM185.1 million for alleged breach of the Joint Venture Agreement; General Damages (estimated by the 3rd and 4th Defendants in the sum of RM750 million); an indemnity as to all costs and damages payable by KCSB to its various sub-contractors and to the Governments by way of liquidated and ascertained damages in relation to the Privatisation Agreement; that the Charges over the Johor Land executed by KCSB in favour of MBSB be discharged and the document of title be returned to KCSB, and that the appointment of Definite Pure and its agents as the attorney for KCSB pursuant to the Power of Attorney dated 3rd August 1999 to be revoked.

The Company is presently preparing its Reply and Defence to the Defence and Counterclaim. Our Solicitors have advised us that we have a good claim and that the Counterclaim is without merit and expect the same to be dismissed at trial. In our Solicitors' opinion, we will be vindicated fully at trial.


Announcement Info

Company NameMALAYSIA BUILDING SOCIETY BERHAD  
Stock Name MBSB
Date Announced30 Oct 2003  
CategoryGeneral Announcement
Reference NoMB-031022-33273

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