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MATERIAL LITIGATION Icapital.Biz Berhad ("ICAP" or the "Fund") - Updates on Judicial Review Application No. WA-25-104-03/2020 ICAP v. Securities Commission of Malaysia and City of London Investment Management Limited (CLIM)

ICAPITAL.BIZ BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
Icapital.Biz Berhad ("ICAP" or the "Fund") 
- Updates on Judicial Review Application No. WA-25-104-03/2020 ICAP v. Securities Commission of Malaysia and City of London Investment Management Limited (CLIM)

We refer to the announcements dated 1 October 2020 and 1 December 2020 in relation to the Judicial Review Application (“Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.

 

Further to the hearing held on 26 August 2021 and 29 September 2021, the Board of Directors (“the Board”) of ICAP wishes to announce that on 18 October 2021, the High Court had dismissed the application for Judicial Review on the grounds that the Judicial Review was not a suitable mode to determine this dispute.The High Court did not make any determination on the issue of whether City of London Investment Management Limited (“CLIM”) is a shareholder of ICAP.

 

Subsequently, ICAP initiated a civil action against CLIM. The Originating Summons and Affidavit in Support has been filed to the High Court of Malaya at Kuala Lumpur on 11 November 2021 and served on CLIM on 12 November 2021 (Originating Summons No. WA-24NCC-517-11/2021). The Originating Summons is now fixed for case management on 29 November 2021.

 

The Fund will make further announcement on the developments of the above matter as and when is necessary.

 

This announcement is dated 19 November 2021.

 






Announcement Info

Company Name ICAPITAL.BIZ BERHAD
Stock Name ICAP
Date Announced 19 Nov 2021
Category General Announcement for PLC
Reference Number GA1-25102021-00012




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