The Board of Directors of MRB wishes to announce that K.S. Chin Minerals Sdn Bhd ("KSCM" or "the Defendant"), a wholly-owned subsdiary of MRB, had on 29 May 2014 been served with a Writ of Summons and Statement of Claim in respect of the suit filed by Diman Kuari Sdn Bhd ("the Plaintiff").
By the said suit, the Plaintiff claims from the Defendant the following reliefs:-
(1) A declaration that the Defendant wrongfully terminated the Diman Kuari Agreement dated 13 January 2005;
(2) RM600,000 being the agreed liquidated damages pursuant to Clause 11.7(i) of the Diman Kuari Agreement dated 13 January 2005;
(3) Pre-judgment interest on RM600,000 at 5% per annum from 29 November 2012 until the date of judgment;
(4) RM775,000 being the outstanding minimum tribute at RM50,000 per month pro-rated for 15 months from 1 December 2012 to the date of delivery of vacant possession of the Quarry Lands on 15 March 2014;
(5) Pre-judgment interest on each tribute payment at 5% per annum from the date each payment fell due until the date of judgment;
(6) RM115,000 being the reinstatement and repair costs of the damaged workshop;
(7) Pre-judgment interest on RM115,000 at 5% per annum from 30 April 2014 until the date of judgment;
(8) Post-judgment interest on the judgment debt of the sum total of the amounts claimed in items (2) to (7) above at 5% per annum from the date of judgment until the date of full realisation;
(9) Cost; and
(10) Any further reliefs which the Honourable Court deems fit and just.
The KSCM's solicitors filed the Memorandum of Appearance on 6 June 2014 and attended the Case Management. on 9 June 2014 and obtained directions from Court in respect of the conduct of the case. The High Court now fixed a further Case Management date on 17 July 2014.
The Directors of the Company are of the opinion that the amount claimed is not expected to have any financial or operational impact on the Company.
The Company is currently seeking the legal advice with regards to the said suit. The Company will make the necessary announcements on further developments in the above matter as and when necessary.
This announcement is dated 13 June 2014.