News

Material Litigation

We refer to our announcement dated 23 August 2019 pertaining to the commencement of legal proceedings by its wholly-owned subsidiary, TCIE Vietnam Pte Ltd (“TCIEV”), against Nissan Vietnam Co., Ltd. (“NVL”), a joint venture company between ETCM (V) Pte Ltd, another wholly-owned subsidiary of TCMH, and Nissan Motor Co., Ltd., each holding 74% and 26% equity interest respectively in NVL, for the repayment of loan of VND218 billion (equivalent to approximately USD9.4 million) together with interests pursuant to a Loan Agreement dated 5 June 2019 as supplemented by a supplemental letter entered into between TCIEV and NVL with the People’s Court of Cau Giay District, Ha Noi City, Vietnam (“Claim”).

The Company wishes to inform that TCIEV had, on 19 August 2022, withdrawn the Claim as the parties are engaged in discussions to resolve the matter amicably.

The withdrawal of the Claim is not expected to have any material financial and operational impact to TCMH Group for the financial year ending 31 December 2022.

This announcement is dated 19 August 2022.

Announcement Info