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Material Litigation

Back May 30, 2018


Type Announcement


The Company wishes to announce the commencement of legal action between its wholly-owned subsidiary, IDB Interactive Sdn Bhd (“IDB” or “Plaintiff”) with Online E-Club Management Sdn Bhd, E-Club Interactive Sdn Bhd, EClub Hong Kong Pte. Limited and Yap Tet Soon (trading as Yap Outsourcing Services) (collectively referred to as “Defendants”) in connection with the demand for business, financial and/or management documents and information belonging to IDB for the financial years 2013 to 2017 (collectively referred to as “IDB’s Documents and Information”).


1. Background Information


Reference is made to the Company’s Circulars to Shareholders dated 7 April 2014 and 28 May 2015 in relation to the acquisition of the entire equity interest of IDB, a wholly-owned subsidiary of the Company in tranches.


Following the completion of the acquisition of majority equity interest in IDB in or around March 2015, the operational management of IDB has continued undertaken individually and/or collectively by the Defendants. The Defendants have in or around 1 January 2018 completely ceased operational management of IDB.


IDB has demanded the immediate return of IDB’s Documents and Information. However, the Defendants have as of to-date failed to comply with the aforesaid demand.


2. Particulars of the legal action


IDB has instructed Messrs. Daniel & Wong to lodge a Writ of Summons and Statement of Claim to High Court of Malaya at Kuala Lumpur to demand for IDB’s Documents and Information which are in the possession, custody and/or power of the Defendants.


3. Financial effects


The legal action will not have any effect on the issued and paid-up share capital of the Company. The Company does not expect any material effects on the gearing and net assets per share of the Group for the financial year ending 30 June 2018. However, the impact to the earnings is expected to be marginal in the online game business segment.


4. Directors’ and major shareholders’ interests


None of the Directors and/or Major Shareholders and/or persons connected with them have any interest, direct or indirect in the abovementioned legal action.


The Company will make further announcements in relation to any material development on this matter from time to time.


This announcement is dated 30 May 2018.


Announcement Info

Stock Name IDMENSN
Date Announced 30 May 2018
Category General Announcement for PLC
Reference Number GA1-24052018-00067