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Bursa Malaysia Announcements Archive
19 July 2007
General Announcement
Reference No
MI-070719-63639
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Item
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Details |
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Company Name |
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MTD INFRAPERDANA BERHAD |
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Stock Name |
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MTDINFR |
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Date Announced |
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19/07/2007 |
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Type |
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Announcement |
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Subject |
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MATERIAL LITIGATION |
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We refer to our announcement dated 2 August 2006.
The Company wishes to announce that Metramac Corporation Sdn Bhd's ("Metramac") Appeal to the Federal Court against the Judgment of the Court of Appeal dated 12 January 2006 granted in favour of Fawziah Holdings Sdn Bhd ("Fawziah Holdings") came up for decision today.
The Federal Court set aside the entire judgment of the Court of Appeal on grounds that there was a real danger of bias as seen from the written judgment of the Court of Appeal.
The Federal Court proceeded to determine the case on the merits and made the followings orders:-
- that Metramac was liable to Fawziah Holdings for breach of contract in relation to the advertising rights;
- that damages are to be assessed in respect of the loss of advertising rights suffered by Fawziah Holdings taking into account the advertising rights granted under the Replacement Concession Agreement;
- that Fawziah Holdings' claim for future contracts be dismissed; and
- that Metramac be paid half of the costs in the Federal Court and the Court of Appeal.
In essence, the above judgement more or less substantially restores the judgement of the High Court dated 21 October 2003. In addition, Metramac is released from its obligation to provide Fawziah Holdings with a Bank Guarantee for RM35 million and/or to retain a sum of RM15 million in its accounts.
This announcement is dated 19 July 2007.