General Announcement

21/06/2004

KL HIGH COURT SUIT NO.: D4-22-736 OF 2004 GRAND CHART SDN BHD -V- 1. MBSB DEVELOPMENT SDN BHD 2. MALAYSIA BUILDING SOCIETY BERHAD 3. MBSB PROJECT MANAGEMENT SDN BHD 4. PRUDENT LEGACY SDN BHD

MALAYSIA BUILDING SOCIETY BERHAD

Type

Announcement
SubjectKL HIGH COURT SUIT NO.: D4-22-736 OF 2004
GRAND CHART SDN BHD

-V-

1. MBSB DEVELOPMENT SDN BHD
2. MALAYSIA BUILDING SOCIETY BERHAD
3. MBSB PROJECT MANAGEMENT SDN BHD
4. PRUDENT LEGACY SDN BHD

Contents :

The dispute between the parties arises from a Joint Venture Project on a piece of land located at Mukim 4, South West District, Penang.


On 14th June 2004, the Plaintiff served on the Company and three of its subsidiaries (hereinafter collectively referred to as the Defendants) a Writ of Summons for an alleged breach of the terms of the Joint Venture Agreement and the Supplementary thereto entered into by the Plaintiff, the Company and the 1st Defendant and a Loan Agreement together with the terms as annexed to the Charge entered into between the Plaintiff and the Company. The Plaintiff has sought for the following reliefs from the Court:-

(a) a Declaration that the Defendants are in breach of the aforesaid agreements;

(b) rescission of the aforesaid agreements;

(c) judgement in the sum of RM40,075,738.00 being loss of profits and commission;

(d) general as well as exemplary damages;

(e) interests; and

(f) costs.


In response to the claim, the Defendants have filed their appearance in Court on 18th June 2004 and are currently seeking our solicitors advice in the preparation of an appropriate Defence to the Plaintiffs action and exploring other possible course of actions against the Plaintiff by the Defendant/s.


Announcement Info

Company NameMALAYSIA BUILDING SOCIETY BERHAD  
Stock Name MBSB
Date Announced21 Jun 2004  
CategoryGeneral Announcement
Reference NoMB-040621-67133

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