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NewsHigh Court awards Astral Supreme RM15.51 mil
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High Court awards Astral Supreme RM15.51 mil
by Cals Thu 30 Oct 2014, 01:42
High Court awards Astral Supreme RM15.51 mil
KUALA LUMPUR (Oct 29): Electronic products and components manufacturer Astral Supreme Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) announced that it has obtained a judgment against its former managing director Ong Tai Chin @ Wong Tai Chin, from whom it has claimed a total sum of RM15.51 million with interest rate of 5% per annum, along with costs of RM1,850 and general damages.
In a filing with Bursa Malaysia this evening, Astral Supreme said the High Court issued the award on Ong’s failure to appear during the trial.
To recap, Astral Supreme had on Aug 12, sued Ong for alleged breach of statutory duty, which it claimed had led to the company’s loss of RM15.51 million for the financial year ended Dec 31, 2013 (FY13), following a qualification remark by its auditor Messrs. Morison Anuarul Azizan Chew.
Astral Supreme had since appointed two special investigators, PKF Advisory Sdn Bhd and CH International Advisory Sdn Bhd, to review its current and past financial statements.
Astral Supreme’s share price has fallen 21.05% or 4 sen year-to-date. The stock closed 3.45% higher to 15 sen today, giving it a market capitalization of RM43.6 million.
KUALA LUMPUR (Oct 29): Electronic products and components manufacturer Astral Supreme Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) announced that it has obtained a judgment against its former managing director Ong Tai Chin @ Wong Tai Chin, from whom it has claimed a total sum of RM15.51 million with interest rate of 5% per annum, along with costs of RM1,850 and general damages.
In a filing with Bursa Malaysia this evening, Astral Supreme said the High Court issued the award on Ong’s failure to appear during the trial.
To recap, Astral Supreme had on Aug 12, sued Ong for alleged breach of statutory duty, which it claimed had led to the company’s loss of RM15.51 million for the financial year ended Dec 31, 2013 (FY13), following a qualification remark by its auditor Messrs. Morison Anuarul Azizan Chew.
Astral Supreme had since appointed two special investigators, PKF Advisory Sdn Bhd and CH International Advisory Sdn Bhd, to review its current and past financial statements.
Astral Supreme’s share price has fallen 21.05% or 4 sen year-to-date. The stock closed 3.45% higher to 15 sen today, giving it a market capitalization of RM43.6 million.
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