OTHERS DATASONIC GROUP BERHAD (COMPANY NO. 809759-X) (THE COMPANY) NEWS ARTICLE ENTITLED FIMA CORP SUES DATASONIC OVER RM25M UNPAID DUES WHICH APPEARED IN THEEDGE FINANCIAL DAILY, PAGE 8 ON TUESDAY, 31 JULY 2018
| DATASONIC GROUP BERHAD |
| Type | Announcement |
| Subject | OTHERS |
| Description | DATASONIC GROUP BERHAD (COMPANY NO. 809759-X) (THE COMPANY) NEWS ARTICLE ENTITLED FIMA CORP SUES DATASONIC OVER RM25M UNPAID DUES WHICH APPEARED IN THEEDGE FINANCIAL DAILY, PAGE 8 ON TUESDAY, 31 JULY 2018 |
The Company wishes to announce that it has been made aware through TheEdge Financial Daily on Tuesday, 31 July 2018 that Percetakan Keselamatan Nasional Sdn Bhd (Company No. 166151-T) (“PKN”), a wholly-owned subsidiary of Fima Corporation Berhad (Company No. 21185-P) has launched legal action against DTSB, claiming RM24.98 million, although no such writ of summons has been received by DTSB up to the time of this announcement.
The claim is in relation to a disagreement between DTSB and PKN over the price of 1,500,000 Malaysian Passport booklets which was supplied by PKN to DTSB as DTSB’s sub-contractor for the interim period of 6 months from 1 December 2016 to 31 May 2017, before the Malaysian Passport booklets were fully printed by DTSB.
PKN is now claiming a sum of RM24,975,000.00 (excluding interest and cost). However, the final amount payable will be ascertain by the court. DTSB is of the opinion that the final settlement sum will be far less than what is claimed by PKN, as it has meritorious defences against the claim but would nevertheless disclose a contingent liability of approximately RM5 million as previously disclosed in the Company’s Circular to Shareholders dated 30 May 2018, should the court decide wholly in PKN’s favour.
PKN had voluntarily delivered the Malaysian Passport booklets to DTSB with full knowledge that the terms of the agreement between PKN and DTSB has not been agreed to between the parties and that the agreement has not been executed. Furthermore, the price of the Malaysian Passport booklets supplied by PKN to DTSB has not been agreed and is still the subject of negotiation.
The Company has instructed its solicitors to look into the matter and will make the appropriate announcements to Bursa Malaysia Securities Berhad as and when there are material developments in relation thereof. As advised by the Company’s solicitors, the Company reserves all rights to claim against PKN for damages arising from the claim and is contemplating a counter-claim for the same.
This announcement is dated 31 July 2018.
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Announcement Info
| Company Name | DATASONIC GROUP BERHAD |
| Stock Name | DSONIC |
| Date Announced | 31 Jul 2018 |
| Category | General Announcement for PLC |
| Reference Number | GA1-31072018-00057 |
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