MATERIAL LITIGATION Notices Of Assessment Raised On Magnum Berhad ("Magnum" Or "Company") And Magnum Holdings Sdn Bhd ("MHSB"), A Wholly Owned Subsidiary Of Magnum, By The Director General Of Inland Revenue ("DGIR")
| MAGNUM BERHAD |
| Type | Announcement | ||||||||||||
| Subject | MATERIAL LITIGATION | ||||||||||||
| Description | Notices Of Assessment Raised On Magnum Berhad ("Magnum" Or "Company") And Magnum Holdings Sdn Bhd ("MHSB"), A Wholly Owned Subsidiary Of Magnum, By The Director General Of Inland Revenue ("DGIR")
|
||||||||||||
2. Both Magnum and MHSB had appointed solicitors and are initiating proceedings to challenge the validity and legality of the notices of assessment. 3. The said notices of assessment were raised pursuant to: (a) the disallowance of MHSB’s deduction of interest expenses and loan stock interest expenses incurred during the said years of assessment for the Court sanctioned Selective Capital Repayment Exercise and Privatisation of Magnum Corporation Sdn Bhd in 2008, then known as Magnum Corporation Berhad. Further, the notices of assessment for the years of assessment 2008, 2009, 2010 and 2011 were issued out of the prescribed time frame under law; and (b) principally the disallowance of Magnum’s deduction of interest expenses for investments. 4. Upon consulting its solicitors, the Board is of the view that there are reasonable grounds to challenge the validity of the notices of assessment raised by the DGIR and the penalty imposed. 5. There will not be any imminent financial effects on the Group as the Group is seeking to secure a stand over of payment pending the resolution of this matter. This announcement is dated 19 May 2017. |
|||||||||||||
Announcement Info
| Company Name | MAGNUM BERHAD |
| Stock Name | MAGNUM |
| Date Announced | 19 May 2017 |
| Category | General Announcement for PLC |
| Reference Number | GA1-19052017-00050 |
No comments:
Post a Comment