MATERIAL LITIGATION Stone Master Corporation Berhad Writ and Statement of Claim at the High Court Kuala Lumpur Summons No. 22NCC-199-05/2017
| STONE MASTER CORPORATION BERHAD |
| Type | Announcement |
| Subject | MATERIAL LITIGATION |
| Description | Stone Master Corporation Berhad Writ and Statement of Claim at the High Court Kuala Lumpur Summons No. 22NCC-199-05/2017 |
The Board of Directors of Stone Master Corporation Berhad (“SMCB” or “the Company”) wishes to announce that the Company, had on 27 May 2017, filed a Writ and Statement of Claim at the High Court Kuala Lumpur Summons No. 22NCC-199-05/2017 (“the Writ Action”) through the Company’s acting solicitors, Messrs Syed Ibrahim & Co. to pursue legal actions against: -
1. Dato’ Lee Fong Yin @ Lee Vun Ya (as 1st Defendant);
2. Dato’ Eii Ching Siew @ Yii Ching Siew (as 2nd Defendant);
3. Ma Jee Chong (as 3rd Defendant);
4. Dato’ Haji Abdul Aziz Bin Mohamed (as 4th Defendant);
5. Low Eng Tack (as 5th Defendant);
6. Ng Boon Siong (as 6th Defendant);
7. Tan Wee Hock (as 7th Defendant);
8. Ananda Kumar A/L Ramayah (as 8th Defendant”);
9. Foo Chooi Wai (as 9th Defendant);
10. Leong Kam Soon (as 10th Defendant);
11. H. R. Land Sdn Bhd (as 11th Defendant); and
12. Ng Sau Men (as 12th Defendant)
for the following reliefs:-
(a) A declaration that the 1st Defendant, Dato’ Lee Fong Yin @ Lee Vun Ya, had breached her fiduciary duties to the Company;
(b) A declaration that the 2nd Defendant, Dato’ Eii Ching Siew @ Yii Ching Siew, had breached his fiduciary duties to the Company;
(c) A declaration that any exercise or attempted exercise of power by the 1st and/or 2nd Defendant and/or the 11th Defendant and/or the 12th Defendant to vote in favour of the proposed resolutions (“the Proposed Resolutions”) to be moved in the Extraordinary General Meeting (“the EGM”) of this coming 30 May 2017 is for an improper purpose;
(d) A declaration that any exercise or attempted exercise of power by the 1st and/or 2nd Defendant and/or the 11th Defendant and/or the 12th Defendant to vote in favour of the Proposed Resolutions constitutes a fraud on the power of exercise of voting rights;
(e) A declaration that the Proposed Resolutions are not in the best interests of the Company;
(f) Judgment in the sum of RM1.38 billion against the 1st and 2nd Defendants for breach of their fiduciary duties to the Company;
(g) Interest on the sum of RM1.38 billion;
(h) Damages against the Defendants to be assessed;
(i) A mandatory injunction to restrain the implementation of the Proposed Resolutions or any of them in the event that they may be passed at the EGM;
(j) Costs to be borne and paid by the Defendants;
(k) Liberty to apply; and
(l) Any other further relief as the Honourable Court deems fit.
The Company has also taken out an injunction application to inter alia restrain the holding of the EGM and to restrain the Defendants from giving any effect to the EGM Notice and to any resolutions purported to be approved at the EGM.
Further announcement on the development of the Writ Action will be made to Bursa Malaysia Securities Berhad in due course.
This announcement is dated 29 May 2017.
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Announcement Info
| Company Name | STONE MASTER CORPORATION BERHAD |
| Stock Name | STONE |
| Date Announced | 29 May 2017 |
| Category | General Announcement for PLC |
| Reference Number | GA1-29052017-00143 |
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