CUSCAPI BHD
KLSE (MYR): CUSCAPI (0051)
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0.18
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
vxpoison
1,906 posts
Posted by vxpoison > 2019-02-25 12:19 | Report Abuse
Reply to 1st timer in i3 #Mycashnotyours....
KUALA LUMPUR (Oct 29): Cuscapi Bhd has filed a counter claim suit against its former CEO Her Chor Siong and Hitachi Systems Digital Services (Singapore) Pte Ltd for allegedly engaging in a scheme to defraud and cause losses to the group.
Also named in the counter claim by Cuscapi (along with its subsidiary Cuscapi Malaysia Sdn Bhd) is Hitachi Systems’ CEO Ong Chin Hui, who was a shareholder of Cuscapi at the material time.
In a filing with Bursa Malaysia, Cuscapi claimed Her, Ong and Hitachi Systems were in the scheme to defraud the Cuscapi companies, as well as make “secret profits” arising from the arrangements entered into with Hitachi Systems.
The group accused Her of breaching his fiduciary duties towards the Cuscapi companies. It also accused Ong and Hitachi Systems of dishonestly assisting Her in his breach of fiduciary duties towards the companies.
Cuscapi also alleged Hitachi Systems had knowingly received monies from Cuscapi Malaysia by reason of Her’s breach of his fiduciary duties towards these companies.
The counter claim also stated the agreement for the purchase of Rev Hardware tablets and corporate guarantee entered into in 2016 , which is the subject matter of Hitachi Systems’ claim, are null and void and unenforceable, and that the Cuscapi companies are not liable to Hitachi Systems’ for any sums whatsoever.
Cuscapi is also seeking an order stating Hitachi Systems is liable to repay Cuscapi Malaysia a sum of US$2.79 million, and damages to be assessed against the defendants in the counter claim.
To recap, in July, Hitachi Systems had served a letter of demand to the Cuscapi companies, claiming they have not made payments for the purchase of Rev Hardware equipment. In its claim, Hitachi demanded from Cuscapi Malaysia, US$3.6 million.
Hitachi Systems then filed a suit against the Cuscapi companies in September.
Cuscapi’s share price closed unchanged at 20 sen today, for a market capitalisation of RM171.85 million.