News

We refer to the previous announcements dated 9 October 2019, 6 February 2020 and 26 August 2020 in relation to the above matter. Unless otherwise stated, all terms used in this announcement shall have the same meaning as defined in the said announcements.

On 25 November 2021, the Court of Appeal had heard (i) the Company’s notice of application to appeal against the decision of the High Court to dismiss the Company’s Stay Application; and (ii) ECSB’s a notice of application to appeal against the condition imposed by the High Court in allowing ECSB’s Stay Application.

After having read the parties’ respective written submissions together with all relevant documents, the Court of Appeal (a) allowed ECSB’s appeal and set aside the condition imposed by the High Court Judge that the arbitration between ECSB and SRSB shall only proceed after the resolution of SRSB’s Claim against the Company at the Kuala Lumpur High Court; and (b) dismissed the Company’s Appeal as the Court of Appeal was of the view that the High Court proceedings between SRSB and the Company could proceed.

Following therefrom, the Company is in the midst of seeking legal opinion from our solicitors on the possibility of filing an application to strike out SRSB’s Claim against the Company. Further updates in respect of material development in relation to the matter above will be made from time to time.

This announcement is dated 26 November 2021.