Bursa Announcements

Material Litigation

Reference is made to our announcements dated 18 August 2017, 5 January 2018, 11 January 2018, 16 November 2018, 14 December 2018, 8 October 2020, 19 July 2021, 22 July 2021 and 23 September 2021 pertaining to the Writ of Summons and Statement of Claim filed by Transnasional Express Sdn. Bhd., Plusliner Sdn. Bhd., Syarikat Kenderaan Melayu Kelantan Berhad, Syarikat Rembau Tampin Sdn. Bhd., Kenderaan Langkasuka Sdn. Bhd., Epicon Berhad (formerly known as Konsortium Transnasional Berhad) and MHSB Properties Sdn. Bhd. (collectively “the Plaintiffs”) against Tan Chong Industrial Equipment Sdn. Bhd. (“TCIE”), a wholly-owned subsidiary of Tan Chong Motor Holdings Berhad (“TCMH”).

The Company wishes to announce that on 16 November 2023, the Court of Appeal allowed TCIE’s appeal and set aside the Judgment of the High Court dated 15 July 2021 allowing the Plaintiffs’ claims, which includes the following orders:

1. a declaration that the value of the Land was RM 55,600,000.00;
2. the sum of RM22,679,424.94, with interest at the rate of 5% per annum, to be paid by TCIE to MHSB Properties Sdn. Bhd., the 7th Plaintiff;
3. the return of the land acquisition compensation sum of RM877,000.00 by TCIE to the Plaintiffs;
4. the return of all the buses repossessed by TCIE to the Plaintiffs; and
5. costs in the sum of RM80,000.00, subject to allocatur, to be paid by TCIE to the Plaintiffs.

The Court of Appeal has also awarded RM120,000.00 in costs to TCIE for the costs of the appeal and the costs of the High Court, subject to allocatur fees.

The Company will update in respect of any material developments on this matter.

This announcement is dated 17 November 2023.

Announcement Info