General Announcement for PLC

15/11/2021

MATERIAL LITIGATION Court Case in Kazakhstan between Emir Oil LLP and Ministry of Energy

REACH ENERGY BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description 
Court Case in Kazakhstan between Emir Oil LLP and Ministry of Energy

We refer to the Company’s announcement dated 17 November 2020 ,19 November 2020 and 20 November 2020 in respect of the Statement of Claim received by the Company’s sub-subsidiary, Emir Oil LLP (“EO” or “the Defendant”) from Ministry of Energy (“MOE” or “Plaintiff”) in Kazakhstan on the violation of gas dispersion at the operating EO facilities.

 

The Board of Directors of Reach Energy Berhad  (“REB” or “the Company”) would like to update that the Court in Kazakhstan (“the Court”) had on 12 November 2021 ruled that the penalty amount had been decreased from RM3,181,000 (KZT 332,271,208) to RM619,000 (KZT 64,012,814) to be recovered from EO. 

 

Currently, the Company is seeking necessary legal advice for further action. The Company will make necessary announcements to Bursa Malaysia Securities Berhad as and when there are further developments in relation thereof and/or upon receipt of any further directions by the Court.

 

This announcement is dated 15 November 2021.



Announcement Info

Company Name REACH ENERGY BERHAD
Stock Name REACH
Date Announced 15 Nov 2021
Category General Announcement for PLC
Reference Number GA1-15112021-00010


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