Reference is made to our announcements dated 20 March 2015 and 17 June 2015 entitled “Internal Review”;  6 February 2018, 4 October 2018, 4 March 2019 and 30 October 2019 entitled “Writ of Summons and Statement of Claim”; as well as 28 May 2019, 11 July 2023, 28 December 2023 and 22 January 2024 and 11 March 2024 entitled “Update on Civil and Criminal Charges against Michael Chua Khian Keng”.

We are pleased to announce that the civil court decision is in favour of the Company. The court entered a judgment in the sum of RM43,547,282.19 (“Judgment Sum”) that Michael, Tan and Yeo being jointly and severally liable to pay the Company in respect of the acknowledged debt (RM65m less the amount recovered by the Company), plus interests at the rate of 5% per annum on the sum of RM43,547,282.19 from the date of judgment (07.06.2024) until the date of full and final settlement, with costs of RM500,000.00. Consequently, the Court also ordered an extension of the Mareva Order dated 21.10.2019 (Encl. 80) in aid of post-judgment execution in respect of the Judgment Sum, interests and costs.

This decision is not expected to have any material financial impact on the Group’s earnings for the financial year ending 31 December 2024 until the Judgment Sum, interests and costs are fully repaid by Michael, Tan and Yeo.

The Board and Management of the Company will make the necessary announcements to Bursa Malaysia Securities Berhad as and when there are further developments in relation thereof and/or upon receipt of any further directions from the Court.

This announcement is dated 7 June 2024.