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MATERIAL LITIGATION VIZIONE HOLDINGS BERHAD (VIZIONE OR THE COMPANY) THE HIGH COURT OF SABAH AND SARAWAK AT KOTA KINABALU ORIGINATING SUMMONS AND AFFIDAVIT IN SUPPORT (NO. BKI-24NCvC-44-4/2024)

VIZIONE HOLDINGS BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
VIZIONE HOLDINGS BERHAD (VIZIONE OR THE COMPANY)
THE HIGH COURT OF SABAH AND SARAWAK AT KOTA KINABALU
ORIGINATING SUMMONS AND AFFIDAVIT IN SUPPORT (NO. BKI-24NCvC-44-4/2024)

The Board of Directors of Vizione wishes to announce that Pembinaan Gerak Yakin Sdn. Bhd. (Plaintiff), had filed on 8 April 2024, duly served via its Solicitors on 9 April 2024, an Originating Summons and Affidavit in Support against Vizione Construction Sdn. Bhd., the wholly owned subsidiary of Vizione (1st Defendant) and Vizione (2nd Defendant) in the High Court of Sabah and Sarawak at Kota Kinabalu (No. BKI-24NCvC-44-4/2024).

 

Details of the circumstances leading to the filing of the Originating Summons:

 

1. The 1st Defendant filed a Winding-Up Petition in the High Court of Sabah and Sarawak at Kota Kinabalu (No. BKI-28NCC-69-11/2023) against the Plaintiff on 27 November 2023.

 

2. A Winding-Up Order was granted by the Court on 15 March 2024 with an interim stay granted.

 

3. On 21 March 2024, the Plaintiff filed an application for stay of the Winding-Up Order pending appeal to the Court of Appeal. The Plaintiff’s stay application is fixed for decision on 18 April 2024.

 

4. The Plaintiff filed and served the Notice of Appeal to the Court of Appeal (No. S-02(NCC)(A)-493-03/2024) on the 1st Defendant’s Solicitors on 21 March 2024. The Case Management is fixed on 28 June 2024.

 

Under the Originating Summons which is fixed for Hearing before the Honourable Judge in Chambers on 14 May 2024, Plaintiff claims for the following orders:

 

1. A declaration that the alleged advance of RM7.2 million by the 1st Defendant and/or 2nd Defendant to the Plaintiff (Advance) was unlawful and therefore void by virtue of Section 25 of the Contracts Act 1950;

 

2. A declaration that the Sale and Purchase Agreements in respect of Unit No. R-3A-03, R-3A-05, R-3A-06, R-13A-03 and R-21-11, K Avenue Kota Kinabalu and entered into between Mega City Avenue Sdn. Bhd. and the 2nd Defendant all dated 7 September 2022 in purported part repayment of the said alleged Advance of RM7.2 million were unlawful and therefore void by virtue of Section 25 of the Contracts Act 1950;

 

3. An Order that the 2nd Defendant does within 7 days from the date of service of the Order, deliver vacant possession of the said Unit No. R-3A-03, R-3A-05, R-3A-06, R-13A-03 and R-21-11, K Avenue Kota Kinabalu back to the said Mega City Avenue Sdn. Bhd.;

 

4. Costs on full indemnity basis and/or pursuant to Order 59 of the Rules of Court 2012; and

 

5. Any other just relief that the Court deems fit.

 

Vizione is of the view that Plaintiff’s Originating Summons and Affidavit in Support against 1st Defendant and 2nd Defendant are not expected to have any material financial and operational impart on Vizione in view of the available defence. Vizione has engaged a firm of solicitors to act in defence of the legal action.

 

The Company will make the appropriate announcements to Bursa Malaysia Securities Berhad as and when there are material developments on the above matter.

 

This announcement is dated 12 April 2024.






Announcement Info

Company Name VIZIONE HOLDINGS BERHAD
Stock Name VIZIONE
Date Announced 12 Apr 2024
Category General Announcement for PLC
Reference Number GA1-12042024-00020



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