KUALA LUMPUR (Dec 15): Corrugated packaging services provider Ire-Tex Corp Bhd dropped its legal action against Datuk Tey Por Yee and 19 others today, saying the lawsuit is unsustainable.

“For cost reasons, the suit should not be maintained due to the numerous applications to strike out filed by several defendants,” Ire-Tex said in a filing with Bursa Malaysia.

The suit was filed at the High Court on June 21 after Ire-Tex’s substantial shareholder, Elite Cosmo Group Ltd, appointed two directors of its choice (Raja Hizad Raja Kamarulzaman and Hamdan Mohd Nor) into the company and removed four directors (Mak Lin Kum, Chin Wui Choong, Datuk Seri Mohd Shariff Omar and Ahmad Amryn Abd Malek) through an extraordinary general meeting on Aug 25.

Besides Tey, the others sued by the company include Raja Hizad, Hamdan, fellow Ire-Tex directors Kong Hon Kay and Christopher Purcell, Elite Cosmo, as well as Famous Bluechip Sdn Bhd which was Ire-Tex' substantial shareholder until July.

Ire-Tex share price closed unchanged at 15 sen today, valuing the group at RM20.72 million.

original news:

http://www.theedgemarkets.com/article/iretex-withdraws-suit-against-tey-por-yee-and-19-others

bursa source:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5639777

MATERIAL LITIGATION MATERIAL LITIGATION IRE-TEX CORPORATION BERHAD ("IRETEX" or "the Company") Kuala Lumpur High Court Suit No: WA-22NCC-244-06/2017 Ire-Tex Corporation Berhad vs Dato' Tey Por Yee & 19 Ors

MATERIAL LITIGATION IRE-TEX CORPORATION BERHAD ("IRETEX" or "the Company") Kuala Lumpur High Court Suit No: WA-22NCC-244-06/2017 Ire-Tex Corporation Berhad vs Dato' Tey Por Yee & 19 Ors