MATERIAL LITIGATION Writ of Summons and Statement of Claim (High Court of Malaya at Kuala Lumpur Suit No. WA-22NCC-399-09/2018) Hitachi Systems Digital Services (Singapore) Pte. Ltd. (Plaintiff) Cuscapi Malaysia Sdn. Bhd. and Cuscapi Berhad (Defendants)
| CUSCAPI BERHAD |
| Type | Announcement |
| Subject | MATERIAL LITIGATION |
| Description | Writ of Summons and Statement of Claim (High Court of Malaya at Kuala Lumpur Suit No. WA-22NCC-399-09/2018) Hitachi Systems Digital Services (Singapore) Pte. Ltd. (Plaintiff) Cuscapi Malaysia Sdn. Bhd. and Cuscapi Berhad (Defendants) |
Reference is made to announcement dated 25 July 2018. Unless otherwise stated, the definitions and terms used herein shall have the same meaning as defined in that announcement.
The Company wishes to announce that Cuscapi Malaysia and the Company (collectively to be referred as “the Companies”) had on 25 September 2018 been served with and received a Writ of Summons dated 5 September 2018 and Statement of Claim dated 5 September 2018. Hitachi is claiming for USD3,600,248.22 (with interests and costs) on the basis that the Companies are jointly and/or severally liable for such sum pursuant to an agreement for the purchase of REV Hardware Equipment (“Agreement”) and a Corporate Guarantee.
The Companies were advised by legal counsel that the Agreement and the Corporate Guarantee which were executed in 2016 during the tenure of the previous management team may be deemed to be void as these agreements may have been procured for purposes and in a manner which are unusual in the context of the Companies’ business. In view of the legal advice, the Board of Directors of the Company is of the opinion that the Companies are in a position to dispute the liability of USD3,600,248.22 or any part thereof and will continue to take all necessary steps to ensure that the rights and interests of the Companies are protected.
The Board of Directors of the Company is of the view that save for the above - mentioned potential liability, the dispute is not expected to have any material financial and operational impact on Cuscapi Group.
The Company will make the necessary announcements on material development in respect of this matter from time to time.
This announcement is dated 26 September 2018.
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Announcement Info
| Company Name | CUSCAPI BERHAD |
| Stock Name | CUSCAPI |
| Date Announced | 26 Sep 2018 |
| Category | General Announcement for PLC |
| Reference Number | GA1-26092018-00040 |
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