SBC Corporation Announcement On Litigation

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SBC Corporation Announcement On Litigation

  1. 1. SBC COPRPORATION BERHAD VS HENRY SUM AGONG AND AWANG KARIM BIN AWANG SAMAN Reference is made to the announcement of the unaudited financial results for the year ended 31st March, 2009 on 21st May, 2009 under Item B11 (Material Litigation) pertaining to the civil suit brought by SBC Corporation Berhad (“SBC”) against Henry Sum Agong and Awang Karim bin Awang Saman (“Defendants”) for the recovery of the deposit sum of RM2.13 million paid to the Defendants on a Share Sale Agreement entered on 27th November, 1996 for the acquisition of the entire equity interest comprising 10,000 shares of RM1.00 each in Perfect Landmark Sdn. Bhd. for a cash consideration of RM8,330,231, which has since been terminated due to non-fulfilment of conditions precedent by the Defendants. The Board of Directors of SBC wishes to announce that SBC has reached an out of court settlement with the Defendants by entering into a Debt Settlement Agreement (“Settlement Agreement”) with the Defendants on 26th June, 2009. Pursuant to the Settlement Agreement, SBC agrees to accept a payment of RM2.5 million by the Defendants towards settlement in full of the judgement obtained by SBC against the Defendants in November 1998 for RM2.13 million together with interest thereon, which is payable as follows – (a) RM1 million upon signing of the Settlement Agreement; (b) RM750,000 by 15th July, 2009; and (c) a final sum of RM750,000 by 15th August, 2009. Upon receipt and subsequent clearance of all the above agreed payments, SBC will release the Defendants from any further claim or liability and SBC shall discontinue all execution (including bankruptcy) proceedings whatsoever against the Defendants.

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