OTHERS PESTECH INTERNATIONAL BERHAD ("PESTECH") - MATERIAL LITIGATION -
KUALA LUMPUR HIGH COURT (WA-24C-92-06/2023) -
CIVIL APPEALS NO. W-02(C)(A)-1962-11/2023 & W-02(IM)(C)-1963-11/2023
PESTECH INTERNATIONAL BERHAD
Reference is made to PESTECH’s announcements made on 27 June 2023, 20 November 2023, 5 December 2023, 11 December 2023, 15 December 2023, 22 December 2023, 19 January 2024 and 27 February 2024 in relation to the filing of 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 Sdn. Bhd. (“SPYTL”); and
(ii) to restrain SPYTL from receiving and/or utilizing proceeds that may have been received under the Performance Bond. On the hearing of the Appeals held on 29 April 2024, the Court of Appeal has dismissed PTECH’s application to restrain the call on the performance bond, of which PTECH had deposited the proceeds under the performance bond with SPYTL’s solicitors in accordance with an order by the Court on 27 February 2024.
This announcement is dated 30 April 2024.
