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Directors of the Company wishes to inform that Grand Dynamic Builders Sdn. Bhd., a wholly-owned subsidiary of the Company, has been notified by its solicitors on 20 March 2024 that KCJP’s application to place DCSB under judicial management and for the appointment of a judicial manager pursuant to Sections 404 and 405 of the Companies Act 2016 has been dismissed by the High Court, with the issue of costs to be decided on 3 April 2024
Court case already won as ksk injunction was dismissed. So GDB will receive the balance 40mil + interest. Tomorrow just decision in how much legal fees ksk needs to compensate GDB
(a) The Respondent to pay to the Claimant for the sum of RM97,792,870.96 (“Adjudicated Sum”); (b) Pay interest at a rate of 4% per annum on the Adjudicated Sum calculated from the date of the decision until full payment
DCSB has previously paid the sum of RM60.0 million out of the Adjudicated Sum, which was payment for the Interim Certificate No. 14, 15, 16 and part of 17(R1), and it does not include the payment of late payment interest.
So essentially left about 37mil + interest at 4% p.a = total approximately 40mil
