Highlights


Company Name IQZAN HOLDING BERHAD
Stock Name IQZAN
Date Announced 07 Jul 2022
Category General Announcement for PLC
Reference Number GA1-07072022-00060

Type Announcement
Subject MATERIAL LITIGATION
Description
IQZAN HOLDING BERHAD ("IQZAN" OR "THE COMPANY" OR "THE GROUP")
- WRIT AND STATEMENT OF CLAIM: KUALA LUMPUR HIGH COURT SUITS NO. WA-22NCC-248-06/2022

The Board of Directors of the Company wishes to announce that Asiawood Lumbers Sdn. Bhd., its 51% indirect owned subsidiary (jointly referred to as “the Defendants”) via Cal-Test Laboratory Sdn. Bhd., had received a sealed Writ with Statement of Claim dated 8 June 2022 filed by United Overseas Bank (Malaysia) Berhad (“the Plaintiff”) via its Solicitors, Raja, Darryl & Loh.

 

Pursuant to the Writ and Statement of Claim, the Plaintiff is claiming the following: -

 

1. Total sum of RM1,758,301.57 as at 30 April 2022;

 

2. Interest on the amount of RM308,262.00 at the rate of 3.50% per annum in excess of the Plaintiff's Basic Loan Rate (where the Basic Loan Rate as at 01.05.2022 is 5.57% per annum and from 20.05.2022 is 5.82% per annum) on a daily basis with monthly breaks calculated from 01.05.2022 until the date of full settlement;

 

3. interest on the amounts of RM611,738.12 and RM838,301.45 at the rate of 3.50% per annum in excess of the Plaintiff's Basic Loan Rate (where the Basic Loan Rate as at 05.05.2022 is 5.57% per annum and from 20.05.2022 is 5.82% per annum) on a daily basis with monthly breaks calculated from 05.05.2022 until the date of full settlement;

 

4. The cost of this action

 

5. Costs on the basis of solicitors and clients; and

 

6. Other reliefs which are considered reasonable and expedient by the Court.

 

Financial and Operational Impact

 

The Writ and Statement of Claim is not expected to have any material financial and operational impact on the Company for the financial year ending 31 March 2023 as the Defendants has sent a settlement proposal to solve and waiting approval from the Plaintiff. Meanwhile, there’s no any corporate guarantee by the Company or Cal-Test Laboratory Sdn. Bhd. to subsidiary, Asiawood Lumbers Sdn. Bhd.

Directors’ and Major Shareholders Interest

 

None of the Directors and/or Major Shareholders of the Company and/or persons connected to them have any interest, direct or indirect, in the Writ and Statement of Claim.

 

Steps Taken in respect of the Writ and Statement of Claim

The Defendants is in the midst of appointing it’s solicitors (MESSRS KARPAL SINGH & CO) with regard to the litigation it wishes to file against the Writ and Statement of Claim. The defendant had on the 30 June 2022 sent a settlement proposal and is anticipating a reply from Business Banking Recovery department of United Overseas Bank (Malaysia) Berhad.

 

The Company will make the necessary announcement on further material development of the above matter (if any) in due course.

 

This announcement is dated 7 July 2022.







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