Further to our announcement on 30 November 2018, we wish to announce that the court has delivered its judgement on 29 March 2024 as follows:-.

Details of judgment

A.​           The High Court allowed the Company’s claim against the Defendants for the wrongful use of the Troika Units and causing the Troika Units to be furnished not in accordance with the internal procedures of the Company. The High Court also allowed the Company’s claim against the 2nd Defendant for the misuse of the Pool Cars and petrol benefits.

The 1st Defendant was ordered to pay RM990,502.61 in damages which includes RM300,000.00 as exemplary damages. The 2nd Defendant was ordered to pay RM2,328,705.86 in damages with RM500,000.00 as exemplary damages (“Judgment Sum”).

Costs of RM200,000.00 was also ordered against the Defendants respectively as well as interest at the rate of 5% per annum calculated on the Judgment Sum and costs from today until full settlement.

B.           ​The High Court, however, dismissed the Company’s claim in respect of the acquisition of the Troika Units. The Company will discuss with its solicitors on the next course of action, including whether to appeal to the Court of Appeal against this part of the High Court’s decision.

Material Financial / Operational Impact

The decision is not expected to have any material operational and financial impact on the Company.

Further announcement will be made from time to time in respect of any material development on this matter.

This announcement is dated 29 March 2024.