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The Affin Bank Group is a financial services conglomerate. The Group's activities focus on commercial, Islamic and investment banking services, money broking and underwriting of life and general insurance business.
| Type | Announcement |
| Subject | AFFIN HOLDINGS BERHAD COURT OF APPEAL CIVIL APPEAL NO.: W - 02(IM) - 1677 - 2010 [Kuala Lumpur High Court Suit No.: D3-24-25-2000] Appellant : AFFIN Bank Berhad (“ABB”) Respondent : Malayan Banking Berhad (“MBB”) |
| Contents | ABB is a wholly owned subsidiary of AFFIN Holdings Berhad (“AHB”). This dispute was between MBB’s predecessor-in-title, PhileoAllied Bank (Malaysia) Berhad and ABB’s predecessor-in-title, BSN Commercial Bank (Malaysia) Berhad with regards to who has prior charge over the shares of Kuo Shinn Sdn. Bhd. (the “Shares”). The above suit was initiated by PhileoAllied Bank (Malaysia) Berhad vide an Originating Summons dated 28.01.2000 against BSN Commercial Bank (Malaysia) Berhad for inter alia the return of the Shares or its equivalent value if the Shares had been sold by BSN Commercial Bank (Malaysia) Berhad. Subsequently, the High Court allowed MBB’s claim on 25.11.2002 wherein the High Court ordered for the return of the Shares within 7 days from the date of the Order or in the event the Shares had been sold, the sale proceeds of the Shares to be paid to MBB (“25.11.2002 Order”). ABB had filed an appeal to the Court of Appeal against the 25.11.2002 Order which was dismissed on 27.11.2008. Further thereto, ABB had applied for leave to appeal to the Federal Court but the leave application was dismissed with costs by the Federal Court on 8.07.2009. MBB then proceeded to enforce the 25.11.2002 Order vide an application for a monetary judgment in the Kuala Lumpur High Court. On 31.05.2010, the High Court allowed MBB’s application for monetary judgment wherein the High Court ordered ABB to pay the sum of RM30 million together with 8% interest thereon from 2.12.2002 until the date of payment and payment to be made within 14 days of the Order dated 31.05.2010 (the “Judgment Sum”) (“31.05.2010 Order”). Pursuant thereto, ABB had applied for a stay of execution of the 31.05.2010 Order pending appeal to the Court of Appeal. The stay of execution application was dismissed by the Kuala Lumpur High Court on 18.06.2010 and ABB was ordered to pay the Judgment Sum within 21 days from 18.06.2010. Thereafter, ABB filed an application for stay of execution of the 31.05.2010 Order to the Court of Appeal which was subsequently dismissed on 5.07.2010 with costs in the sum of RM2,000.00 to be paid to MBB. ABB has since filed an appeal against the decision of the Kuala Lumpur High Court dated 31.05 2010 and ABB is currently waiting for a hearing date to be fixed for the said appeal. On 6.07.2010, ABB complied with the terms of the 31.05.2010 Order by paying the Judgment Sum together with the Court of Appeal costs in the sum of RM2,000.00 totalling RM48,229,849.31. Based on the advice of ABB’s legal counsel, the Board of Directors of AHB is of the view that ABB has a reasonable chance of success in its appeal to the Court of Appeal. Further developments of the above matter will be announced to Bursa Malaysia in due course. This announcement is dated 13th July 2010. |
| Company Name | AFFIN HOLDINGS BERHAD |
| Stock Name | AFFIN |
| Date Announced | 13 Jul 2010 |
| Category | General Announcement |
| Reference No | CC-100713-59101 |
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