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MATERIAL LITIGATION UPDATE ON MATERIAL LITIGATION : BADANBAS SDN BHD vs PENGANGKUTAN AWAM PUTRAJAYA TRAVEL & TOURS SDN BHD

GETS GLOBAL BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
UPDATE ON MATERIAL LITIGATION : BADANBAS SDN BHD vs PENGANGKUTAN AWAM PUTRAJAYA TRAVEL & TOURS SDN BHD

Further to the Company's announcements on 24 October 2019, 10 September 2020 and 31 December 2020 whereby Pengangkutan Awam Putrajaya Travel & Tours Sdn Bhd (“PAPTT”), on 7 September 2020, had entered into Consent Judgement agreed to pay Badanbas Sdn Bhd (“BBS”) a sum of RM3,769,488.56 on or before 31 December 2020 and in the event that PAPTT fails to pay the said sum of RM3,769,488.56 or any portion thereof on or before 31 December 2020, the amount due and unpaid shall become immediately payable together with interest thereon at the rate of 5% per annum calculated from 17 May 2018.

The Company wishes to update that PAPTT has not made any payment to-date and it has received today a Statutory Notice of Demand pursuant to Section 465(1)(e) of the Companies Act, 2016 dated 6 January 2021 from BBS claiming for a sum of RM4,267,265.64 being the judgement sum dated 7 September 2020 and interest at 5% per annum from 17 May 2018 until 6 January 2021 of RM3,769,488.56 and RM497,777.08 respectively.

The claims are in respect of the alleged outstanding payments for the supply and maintenance of buses to PAPTT for the period between February 2016 and December 2017.
The amount of outstanding liability to BSB recorded in PAPTT’s books to-date is RM3,789,607.

The financial impact of the litigation, if proceeded, will be an outflow of cash funds amounting to RM4,267,265.64 and an additional expense of RM477,658.64. There is no operational impact.

PAPTT is not the Group’s major subsidiary and the cost of investment in PAPTT is RM1.

PAPTT will engage BBS with a view to agreeing alternate terms of settlement.

This announcement is dated 6 January 2021.






Announcement Info

Company Name GETS GLOBAL BERHAD
Stock Name GETS
Date Announced 06 Jan 2021
Category General Announcement for PLC
Reference Number GA1-06012021-00111




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