Type | Announcement |
Subject | MATERIAL LITIGATION |
Description | AFFIN HOLDINGS BERHAD ("AHB" or the "Company") KUALA LUMPUR HIGH COURT SUIT BSNC CORPORATION BERHAD (“BSNC”) VS AHB AND AFFIN BANK BERHAD (“ABB”) |
The Company refers to its announcement dated 17 March 2009 in respect of the above claim by BSNC. The above action was referred to mediation at the Kuala Lumpur High Court. Arising from the mediation conducted on 25 March 2011, without admission of liability but in order to bring this long-outstanding dispute to an end, ABB is to pay RM70 million to BSNC (“Mediation Sum”) on or before 31 May 2011 in full and final settlement of all BSNC’s claims. BSNC has agreed that upon the payment of the Mediation Sum, it shall have no further claims whatsoever against AHB and ABB. The settlement was recorded in the Kuala Lumpur High Court on 31 March 2011.
This announcement is dated 1 April 2011.
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Company Name | AFFIN HOLDINGS BERHAD |
Stock Name | AFFIN |
Date Announced | 1 Apr 2011 |
Category | General Announcement |
Reference No | CC-110401-52642 |