MATERIAL LITIGATION-Writ of Summons and Statement of Claim (High Court of Malaya at Kuala LumpurSuit No. WA-22NCC-399-09/2018) Hitachi Systems Digital Services (Singapore)Pte. Ltd. (Plaintiff) Cuscapi Malaysia Sdn. Bhd. and Cuscapi Berhad(Defendants)-Defence and Counter Claim (High Court of Malaya at Kuala LumpurSuit No. WA-22NCC-399-09/2018)
CONCERNAUDIT REPORT - MODIFIED OPINION / MATERIAL UNCERTAINTY RELATED TO GOING CONCERN CUSCAPI BERHAD QUALIFIED OPINION ON THE AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018
Reference is made to announcements dated 26 September 2018, 28 September 2018, 29 October 2018, 15 April 2019 and 30 April 2019.
Unless otherwise stated, the definitions and terms used herein shall have the same meaning as defined in those announcements.
The parties attended Court on 13 May 2019 and 14 May 2019 for the hearing of the following:
(a) Striking Out Application By HCS (i.e. Her Chor Siong);
(b) Striking Out Application By Hitachi Singapore And OCH (i.e. Ong Chin Hui); and
(c) Summary Judgment Application By Hitachi Singapore.
The Striking Out Application By HCS and the Striking Out Application By Hitachi Singapore and OCH have been dismissed by the Court with costs in the cause.
As for the Summary Judgment Application By Hitachi Singapore, conditional leave to defend the action is granted to the Companies provided on or before 28 May 2019 (“due date”), a deposit of USD3,600,248.22 (equivalent to RM15,014,835.20 - based on Bank Negara Malaysia’s USD Exchange Rate @ USD1.00 = RM4.1705 as at 14 May 2019) is paid by the Companies into an Interest-Bearing Fixed Deposit Ringgit Account in Standard Chartered Bank Malaysia Berhad pending the disposal of the Companies’ Counterclaim. The said fixed deposit account plus any interest accrued thereon shall not be uplifted or closed or dealt with by the Companies in any manner whatsoever without an Order of the Court and further the sealed copy of the Order of the Court shall be served on the said bank. In the event of non-payment of the said sum by the due date, the judgment as prayed for in the Summary Judgment Application By Hitachi Singapore shall be entered against the Companies.
The Companies will take all necessary steps to comply with the said direction from the Court.
The application for interrogatories by the Companies against Hitachi Singapore is withdrawn with costs in the cause.
The Court has fixed 28 May 2019 for the final case management; and 10 June 2019 to 12 June 2019 for trial.
Cuscapi will make the necessary announcements on material development in respect of this from time to time.
Mike Chong, so you think you done enough research thus you are qualified to bark everywhere? Seriously on Zelan fundamental? You think you done "enough" research will save this company from becoming PN17?
Refer to private placement utilization 25 mil oredi used for business expansion: inventory , equipment, hardwares??? But check on the receivable and payable .....
Ha ha ... vxpoison yr research is to save company , I forgotten. You said qualified opinion??? and payable is double than receivable , good luck ......
CUSCAPI CUSCAPI BHD MATERIAL LITIGATION-Writ of Summons and Statement of Claim (High Court of Malaya at Kuala LumpurSuit No. WA-22NCC-399-09/2018) Hitachi Systems Digital Services (Singapore)Pte. Ltd. ("Plaintiff") Cuscapi Malaysia Sdn. Bhd. and Cuscapi Berhad ("Defendants")- Defence and Counter Claim (High Court of Malaya at Kuala LumpurSuit No. WA-22NCC-399-09/2018)
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 > 2019-05-03 20:51 | Report Abuse
Imformed.... So now no more MACC? Lol... Pity u got stuck at high but be patience.... Soon the price will rise to Rm1.00....