Announcement Details/Table Section :
Bonia Corporation Berhad (“Bonia” or the “Company”) wishes to announce that its 60% owned subsidiaries, Apex Marble Sdn Bhd (the “1st Plaintiff”) and Mcore Sdn Bhd (the “2nd Plaintiff”) had on 3 August 2011 filed a civil suit in the High Court of Malaya at Kuala Lumpur against Mr Leong Tat Yan (“the Defendant”) in connection with the joint venture business in Vietnam (“JV business”). The Writ of Summon and Statement of Claim will be served to the Defendant upon the sealed copies of the Writ of Summon and Statement of Claim are extracted from the Registry of the High Court.
The 1st Plaintiff and 2nd Plaintiff’s claims are set out and particularised in the Statement of Claim dated 3 August 2011 and seeks the following relief:
(I) The 1st Plaintiff claims against the Defendant:
(i) The sum of RM946,496.37 being the proceeds of sale from the JV business owed by the Defendant to the 1st Plaintiff.
(ii) An inquiry as to damages and an order for payment of all sums found due upon the making of such inquiry together with interest thereon.
(iii) An account of profits and an order for payment of all sums found due upon the taking of such account together with interest thereon.
(iv) General damages to be assessed.
(v) Aggravated damages.
(vi) Exemplary damages.
(vii) Interest.
(viii) Costs.
(ix) Further or other relief.
(II) The 2nd Plaintiff claims against the Defendant:
(i) The sum of RM2,249,751.08 being the proceeds of sale from the JV business owed by the Defendant to the 2nd Plaintiff.
(ii) An inquiry as to damages and an order for payment of all sums found due upon the making of such inquiry together with interest thereon.
(iii) An account of profits and an order for payment of all sums found due upon the taking of such account together with interest thereon.
(iv) General damages to be assessed.
(v) Aggravated damages.
(vi) Exemplary damages.
(vii) Interest.
(viii) Costs.
(ix) Further or other relief.
The civil suit is filed against the Defendant following breaches of contract and fiduciary duties owed to the 1st Plaintiff and 2nd Plaintiff.
The civil suit will have no operational impact on the Bonia Group of Companies. As for the financial impact, the losses arising from the JV business amounting to RM5.40 million will be provided for in the 4th quarter results for the financial year ended 30 June 2011. There are no losses that could arise from these proceedings except an order for payment of costs if the 1st Plaintiff and 2nd Plaintiff were unsuccessful in this action or if the Defendant includes a counterclaim which was allowed by the Court.
The Statement of Claim is attached to this announcement.
This announcement is dated 3 August 2011.
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