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MATERIAL LITIGATION SEDANIA INNOVATOR BERHAD ("SEDANIA" or "the Company") - Kuala Lumpur High Court Summon No. WA-22NCvC-879-11/2019 between Sedania Technologies Sdn. Bhd. ("the Plaintiff") vs (1) Professional Science Technologies Sdn. Bhd. ("1st Defendant") and (2) Encik Muzir Bin Md Zanib ("2nd Defendant")(collectively, referred to as "the Defendants")

SEDANIA INNOVATOR BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
SEDANIA INNOVATOR BERHAD ("SEDANIA" or "the Company") - Kuala Lumpur High Court Summon No. WA-22NCvC-879-11/2019 between Sedania Technologies Sdn. Bhd. ("the Plaintiff") vs (1) Professional Science Technologies Sdn. Bhd. ("1st Defendant") and (2) Encik Muzir Bin Md Zanib ("2nd Defendant")(collectively, referred to as "the Defendants")

Reference is made to the Company’s announcement on Material Litigation dated 28 November 2019, and continuous updates reported in the fourth quarterly report for the financial year ended (“FYE”) 31 December 2019 announced on 25 February 2020, first quarterly report, second quarterly report, third quarterly report and fourth quarterly report for the FYE 31 December 2020 announced on 19 May 2020, 27 August 2020, 25 November 2020, 25 February 2021 respectively; and the first quarterly report for the financial year ending 31 December 2021 announced on 31 May 2021 in relation to the above matter.

 

The Board of Directors of SEDANIA wishes to announce that the Plaintiff and the Defendants had on 10 June 2021 entered into a Settlement Agreement for the Plaintiff to accept the sum of Ringgit Malaysia: One Million and Five Hundred Thousand (RM1,500,000.00) only as full and final settlement of the Judgment Sum (“Settlement Sum”) in the following manner subject to the terms and conditions as stipulated in the Settlement Agreement:-

 

  1. to pay the Creditor the sum of Ringgit Malaysia: One Million (RM1,000,000.00) only being the partial payment of the Settlement Sum on or before 31 May 2021 in a form of banker’s cheque;
  2. to pay the Creditor the sum of Ringgit Malaysia: Five Hundred Thousand (RM500,000.00) only being the final balance of the Settlement Sum on or before 26 August 2021 in a form of postdated cheque; and
  3. there shall be no further interest and costs payable to the Creditor.

 

Any further material development of the above matter will be announced in due course.

 

This announcement is dated 10 June 2021.






Announcement Info

Company Name SEDANIA INNOVATOR BERHAD
Stock Name SEDANIA
Date Announced 10 Jun 2021
Category General Announcement for PLC
Reference Number GA1-10062021-00063




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