Reference is made to the Company’s earlier announcements dated 27 August 2020, 7 October 2020, 2 November 2020, 19 November 2020 and 26 November 2020 in respect of the material litigation as described above (“Previous Announcements’’).
For ease of reference, the terms and abbreviations used in the Previous Announcements shall be adopted herein, unless stated otherwise.
The Board of Directors of the Company wishes to announce that the High Court of Kuala Lumpur (“Court”) had dismissed Axisjaya Sdn. Bhd. (“Axisjaya”) and Seri Mutiara Development Sdn. Bhd. (“Seri Mutiara”) application for a Stay of Execution. The Court had exercised its discretion and instead granted a Conditional Stay of Execution, the details as follows:
1. RM873,941.30 together with costs of RM7,500.00 (subject to allocator) to be deposited by Seri Mutiara in an interest-bearing bank account in the name of the solicitors of CJCT on or before 5:00 p.m. on 31 January 2021;
2. RM873,941.30 to be deposited by Seri Mutiara in an interest-bearing bank account in the name of the solicitors of CJCT on or before 5:00 p.m. on 28 February 2021;
3. RM873,941.30 as pre judgement interest, RM62,043.28 as post judgement interest and costs of RM15,000.00 (subject to allocator) to be deposited by Seri Mutiara in an interest-bearing bank account in the name of the solicitors of CJCT on or before 5:00 p.m. on 15 April 2021;
4. Conditional stay is automatically discharged if any one of the above instalments is not paid; and
5. All sums deposited together with interest above shall only be released by the solicitors of CJCT to it by the order of the Court of Appeal after the disposal of Axisjaya and Seri Mutiara’s appeal.
This announcement is dated 9 December 2020.
