News

Material Litigation

BackMar 24, 2025

 

Type Announcement
Subject MATERIAL LITIGATION
Description AWANBIRU TECHNOLOGY BERHAD ("AWANTEC" OR "THE COMPANY") - UPDATES ON LEGAL PROCEEDINGS BY PRESTARIANG SKIN SDN. BHD. ("PSKIN" OR "PLAINTIFF") AGAINST THE GOVERNMENT OF MALAYSIA ("GOM" OR "DEFENDANT")
We refer to our announcement dated 15 April 2019 and the series of subsequent announcements thereafter in relation to the legal proceedings by PSKIN against the GOM.

Subsequent to the announcement made on 22 October 2024, the Company wishes to announce that PSKIN and the GOM (“Parties”) have recorded a Consent Order in the Court of Appeal of Malaysia at Putrajaya (“Consent Order”) today.

Pursuant to the Consent Order, the GOM will pay PSKIN the total sum of RM201,447,632.52 as full and final settlement (“Settlement Sum”) of the dispute between PSKIN and the GOM. The payment will be made by the GOM in a lump sum payment within three (3) months from today. Parties have further agreed to withdraw all pending appeals in the Court of Appeal and pending applications in the High Court against each other as part of the terms of the Consent Order.

The Settlement Sum of RM201,447,632.52 is a reduction of the Judgment Sum awarded by the High Court on 14 March 2024. The Settlement Sum reflects the mutual interest of parties in achieving an expedient resolution of the matter for all parties involved.

The Consent Order marks the end of PSKIN’s dispute against the GOM in relation to this matter.

PSKIN was represented by Dato’ Lim Chee Wee, Syukran Syafiq, Esther Hong and Manveer Singh Bagry of Messrs. Lim Chee Wee Partnership.

This announcement is dated 24 March 2025.

 

Announcement Info

Company Name AWANBIRU TECHNOLOGY BERHAD
Stock Name AWANTEC
Date Announced 24 Mar 2025
Category General Announcement for PLC
Reference Number GA1-24032025-00026