Malaysia Steel Manufacturer   

MATERIAL LITIGATION Legal suit by Safety Capital Sdn Bhd against Malaysia Steel Works (KL) Berhad (“the Company” or “Masteel”)

December 15th, 2021
Type Announcement
Subject MATERIAL LITIGATION
Description

Legal suit by Safety Capital Sdn Bhd against Malaysia Steel Works (KL) Berhad (“the Company” or “Masteel”)

 

Unless otherwise stated, all definitions and terms used in this announcement shall have the same meaning as defined in the announcements dated 30 August 2019 and 5 September 2019.

 

The Board of Directors of Masteel wishes to announce that Safety Capital Sdn Bhd’s (“Safety Capital”) Claim for RM10,681,000.00 with interest and costs against the Company was dismissed today by the Shah Alam High Court, which held that Safety Capital had failed to prove its case on a balance of probabilities against the Company. In dismissing the Claim, the High Court ordered costs of RM80,000.00 to be paid by Safety Capital to the Company.

 

To date, there is no financial and operational impact arising from the Claim.

 

This announcement is dated 10 December 2021.