KUALA LUMPUR (April 13): The High Court has fixed another case management for the judicial review application by a joint venture company between Tenaga Nasional Bhd (TNB) and Malakoff Corp Bhd against the Inland Revenue Board (IRB), as the parties engage in out-of-court settlement negotiations.

The next case management will be held on May 23 for the parties to update the court on the outcome of the negotiations, Malakoff told the stock exchange in a filing on Thursday (April 13).

Malakoff owns a 40% stake in the joint venture, Kapar Energy Ventures Sdn Bhd (KEV), with the other 60% equity interest held by TNB via its wholly-owned subsidiary TNB Power Generation Sdn Bhd.

KEV, on Nov 1, 2021, received notices of assessment for the years 2011, 2012 and 2014, and notices of additional assessment for 2013, 2015, 2016, 2017 and 2018, all dated Oct 29, 2021, amounting in aggregate to RM595.95 million.

On Nov 16 2021, KEV filed an application for judicial review to challenge the notices.

KEV operates the second largest thermal power plant in Malaysia with a generation capacity of 2,200MW. It is the only power station in Malaysia with triple fuel firing capability (gas, oil and coal).

Shares of Malakoff closed unchanged at 70 sen, giving the company a market capitalisation of RM3.48 billion, while TNB closed 1.55% or 14 sen higher at RM9.15, valuing the group at RM52.64 billion.