MATERIAL LITIGATION - PESTECH INTERNATIONAL BERHAD (PESTECH or the Company) In the High Court Malaya at Shah Alam Originating Summons No. BA-24NCC-133-10/2023 served on CRSE Sdn. Bhd., an indirect wholly-owned subsidiary of PESTECH by Universal Cable (M) Berhad (Joint and Several Interim Liquidators appointed)
Further to the Company’s announcement dated 23 November 2023 in relation to the demand made by CRSE Sdn. Bhd. (“CRSE”), an indirect wholly-owned subsidiary of PESTECH on both the Performance Bond in the sum of RM9,500,013.78 and the Retention Bond in the sum of RM4,750,006.89 from Bangkok Bank Berhad (“BBB”) pursuant to a Sub-Supply Contract entered into between Pembinaan Tajri Sdn. Bhd. and Universal Cable (M) Berhad (“UC”) dated 15 May 2018.
(CRSE and UC are collectively referred to as “Parties”)
The Company would like to update that:-
a. In relation to UC’s Originating Summons and Injunction, on 27 November 2023, CRSE has filed the Affidavit in Reply with a Counterclaim against UC for, amongst others, the following reliefs:-
- A declaration that the Ex-parte Injunction Order dated 30 October 2023 (“Ex-parte Injunction Order”) was wrongfully and unlawfully obtained by UC;
- A declaration that the Ex-parte Injunction Order be set aside;
- A declaration that the Originating Summons was wrongfully and unlawfully filed;
- An order for damages to be assessed;
- Aggravated and exemplary damages to be paid; and
- Interest and costs.
b. CRSE has also filed a Notice of Application to set aside the Ex-parte Injunction Order and UC will be filing their Affidavit in Reply by 5 January 2024.
c. Parties were ordered to exhaust affidavits before the next case management date which is fixed on 5 March 2024.
d. A hearing date will only be fixed by the Court after Parties has exhausted the filing and exchange of the affidavits.
e. In respect of UC’s action against BBB, all Parties have consented to the withdrawal of BBB as a party to the present action, pending a formal consent order to be recorded in Court during the next case management of this matter.
This announcement is dated 8 December 2023.
