Highlight Protasco engages law firm to oppose suit from Tey

by **Cals** Tue 28 Oct 2014, 21:21

Highlight
Protasco engages law firm to oppose suit from Tey

KUALA LUMPUR (Oct 28): Protasco Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) has appointed a legal firm in response to the lawsuit brought against the company by Kingdom Seekers Ventures Sdn Bhd, which is controlled by its very own non-executive director and substantial shareholder Tey Por Yee.
In an announcement to Bursa Malaysia today, Protasco said it has been served with a Writ of Summons by Kingdom Seekers, which has listed Protasco’s Managing Director Datuk Seri Chong Ket Pen, and individuals such as Kenny Chong Ther Nen, Low Kian Seng, Edward Khoo Mong Wei, Lim Yew Ting, and a company RS Maha Niaga Sdn Bhd, as the first to sixth defendants in the suit.
Kingdom Seekers has also named Protasco as the seventh defendant by virtue of the representative claim.
According to Protasco’s filing to Bursa, Kingdom Seekers' claims against the six defendants are for the return of a sum of RM10 million to the company and general damages purportedly suffered by the company.
According to Tey in a press conference this morning, RS Maha Niaga is a company owned by Protasco's senior management.
To recap, Protasco had on Sept 22 (last month), commenced a suit against Tey for the alleged breach of his fiduciary and statutory duties.
Protasco said the suit filed by Kingdom Seekers today, have no significant immediate adverse effect on the current financial position of the group.
Protasco closed 4 sen or 2.44% lower at RM1.60 today, with 634,8000 shares transacted. It has a market capitalization of RM536.23 million.