MATERIAL LITIGATION

Company Name WESTPORTS HOLDINGS BERHAD
Stock Name WPRTS
Date Announced 28 Jun 2022
Category General Announcement for PLC
Reference Number GA1-28062022-00016

Type Announcement
Subject MATERIAL LITIGATION
Description
WESTPORTS HOLDINGS BERHAD ("WHB" OR "THE COMPANY")
- UPDATE ON LEGAL PROCEEDINGS BY WESTPORTS MALAYSIA SDN BHD ("WMSB"), A WHOLLY-OWNED SUBSIDIARY OF WHB AGAINST ORACLE CORPORATION MALAYSIA SDN BHD ("1ST DEFENDANT") & BANK OF AMERICA MALAYSIA BERHAD ("2ND DEFENDANT") (COLLECTIVELY KNOWN AS "THE PARTIES")  AT KUALA LUMPUR HIGH COURT ("SUIT")

Reference is made to the Company’s earlier announcements dated 12 June 2020, 16 June 2020 and 23 December 2020 respectively (“Announcements”).

 

Unless otherwise stated, the terms used throughout the announcement shall have the same meanings as defined in the Announcements.

 

The Board of Directors of WHB wishes to announce on matters related to the Court of Appeal proceedings:-

 

a) On 22 June 2022 - 1st defendant’s appeal on 1st defendant’s summary judgement dismissal

 

The Court of Appeal fixed hearing on 18 November 2022.

 

b) On 27 June 2022 – 2nd defendant’s appeal on dismissal of 2nd defendant’s summary judgement and striking out applications

 

The Court of Appeal delivered decision in favour of 2nd defendant after reviewing the facts of the case. The court allowed the 2 appeals at cost of RM5,000 each to 2nd defendant.  

 

WMSB will be appealing against the decision and will simultaneously apply for stay of execution until completion of appeal process.

 

The licence fee that was assigned to the 2nd Defendant is payable on monthly instalments with an average annual payment of RM3,489,909.18 from 2020 to 2023 for each year, and in 2024, the instalment amount is RM580,027.66. 

 

The Kuala Lumpur High Court has fixed main Suit full trial on 25, 26, 29 and 30 August 2022.

 

The above decision is not expected to have any material impact on the earnings, net assets or gearing of WHB for the financial year ending 31 December 2022.

 

None of the directors or substantial shareholders of WHB or persons connected to them has any interest, direct or indirect in the aforesaid proceedings.

 

WHB will make further announcements as and when there are material developments in respect of the aforesaid proceedings.

 

This announcement is dated 28 June 2022.






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