OTHERS - PESTECH INTERNATIONAL BERHAD ("PESTECH") -
MATERIAL LITIGATION - KUALA LUMPUR HIGH COURT (WA-24C-92-06/2023)
PESTECH INTERNATIONAL BERHAD
Reference is made to PESTECH’s announcements made on 27 June 2023, 20 November 2023, 5 December 2023 and 11 December 2023 in relation to the filing of:-
(a) appeals to the Court of Appeal (“Appeals”) against the High Court’s decisions which had dismissed PESTECH Technology Sdn. Bhd. (“PTECH”)’s injunction application vide Originating Summons and Ex-Parte Notice of Application dated 10 June 2023 to:-
(i) restrain Maybank Islamic Berhad (“Maybank”) from making payment of the Performance Bond to Syarikat Pembenaan Yeoh Tiong Lay (“SPYTL”); and
(ii) to restrain SPYTL from receiving and/or utilizing proceeds that may have been received under the Performance Bond.
(b) Erinford Injunction Application to preserve PTECH’s interests pending the disposal of the Appeals.
PESTECH would like to announce that the High Court Judge had on today, ruled that:-
(a) PTECH’s Erinford Injunction Application (Enclosure 79) be dismissed with costs of RM15,000 awarded to the Maybank and RM30,000 to the SPYTL, on the condition that SPYTL gives an undertaking by 18 December 2023, to refund the Performance Bond Sum to PTECH within 7 working days if the Appeals are decided in PTECH’s favour.
(b) The High Court Judge further granted a conditional interim order to maintain the status quo pending the filing of the applications under Section 44 of the Courts of Judicature Act 1964 (“s44 Applications”) to the Court of Appeal, on two conditions:
(i)The s44 Applications must be filed by 15 December 2023; and
(ii) A hearing date for the s44 Applications be procured by 15 January 2024 (but the hearing of the s44 Applications need not be heard on or before 15 January 2024).
PTECH has complied with condition (i) above with the filing of the s44 Applications to the Court of Appeal today.
This announcement is dated 15 December 2023.
