33. Material litigations
(continued)
(c) On 26 June 2012, SPAD filed a Writ of Summons against a third party (“Defendant”) for damages
breach of contract or alternatively refund of deposits of RM15,400,000 in respect of shares in
a company paid by SPAD under a Sales and Purchase Agreement (“SPA”) signed in an earlier year.
The Defendant entered appearance and served a Memorandum of Appearance on SPAD on
13 July 2012. The Statement of Defence was served on SPAD on 22 August 2012.
This matter has been consolidated for trial with (b) above and (d) below and jointly tried with
(e) below. On 8 August 2014, the Honorable Judge ruled that the Defendant is to pay SPAD the sum
of RM15,400,000 with interest at 5% per annum from 30 November 2007 until full settlement.
On 27 August 2014, a Notice of Appeal was filed by the Defendant against the judgement dated
8 August 2014. SPAD filed a Notice of Cross Appeal on 28 October 2014. The Court of Appeal
has fixed the hearing of the appeal on 19 August 2015.
The Directors, in consultation with SPAD’s advocates, are of the opinion that SPAD has strong
merits in the appeal.
(d) On 26 June 2012, SPAD filed a Writ of Summons against a third party (“Defendant”) for damages
for breach of contract or alternatively refund of deposits of RM7,000,000 in respect of shares in
a company paid by SPAD under a Sales and Purchase Agreement (“SPA”) signed in an earlier year.
The Defendant entered appearance and served a Memorandum of Appearance on SPAD on
13 July 2012. The Statement of Defence was served on SPAD on 22 August 2012.
This matter has been consolidated for trial with (b) and (c) above and jointly tried with (e) below.
On 8 August 2014, the Honorable Judge ruled that the Defendant is to pay SPAD the sum of
RM7,000,000 with interest at 5% per annum from 20 November 2007 until full settlement.
On 27 August 2014, a Notice of Appeal was filed by the Defendant against the judgement
dated 8 August 2014. SPAD filed a Notice of Cross Appeal on 28 October 2014. The Court of
Appeal has fixed the hearing of the appeal on 19 August 2015.
The Directors, in consultation with SPAD’s advocates, are of the opinion that SPAD has strong
merits in the appeal.
Notes to the Financial Statements
SARAWAK PLANTATION BERHAD
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135
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Annual Report 2014
