OTHERS IMPAIRMENT LOSS IN RELATION TO NON-REPAYMENT OF STAKEHOLDER SUM BY STAKEHOLDER

By July 21, 2017 Bursa 2017

Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 21 Jul 2017
Category: General Announcement for PLC
Reference Number: GA1-21072017-00101

Type: Announcement
Subject: OTHERS
Description: IMPAIRMENT LOSS IN RELATION TO NON-REPAYMENT OF STAKEHOLDER SUM BY STAKEHOLDER

Further to the announcement dated 27 May 2016 (reference no.: GA1-27052016-00034) and 31 May 2016 (reference no.: GA1-31052016-00127) on the impairment loss in relation to the non-repayment of Stakeholder Sum by the Stakeholder and the announcement dated 10 October 2016 (reference no.: GA1-10102016-00078) on the initiation of civil suit against Miss Jaswinder Kaur and partner of Messrs. Jaswinder Kaur Gill & Associates, the Board of Directors of Kobay Technology Bhd. (“Kobay” or “the Company”) wishes to announce that on 21 July 2017, the Court allowed Kobay’s (1st plaintiff) application for summary judgement (Shah Alam High Court Civil Suit BA-22NCVC-543-09/2016) against Miss Jaswinder Kaur (1st Defendant) and made the following orders :-

1.1st Defendant to pay 1st Plaintiff RM3.4million;
2.Interest at the rate of 5% on RM3.4million from date of filing of writ to date of summary judgement;
3.Interest at the rate of 5% on RM3.4million from date of summary judgement until full settlement; and
4.Cost of RM5,000-00 subject to the payment of allocator fees.

However, the Court dismissed Ultimate Sanctuary Sdn. Bhd.’s (2nd Plaintiff; the wholly owned subsidiary of Kobay) application for summary judgement against 1st Defendant (Miss Jaswinder Kaur) and 2nd Defendant (Partner of Messrs. Jaswinder Kaur Gill & Associates).

This announcement is dated 21 July 2017.

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