Friday 29 Mar 2024
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KUALA LUMPUR (Dec 20): Tan Sri Tajudin Ramli is filing for leave to appeal to the Federal Court on overturning a lower court's decision to strike out his appeal against a RM264.53 million claim from Axiata Group Bhd’s wholly-owned subsidiary Rego Multi-Trades Sdn Bhd (now known as Celcom Trading Sdn Bhd).

In a filing with Bursa Malaysia, Axiata said Tajudin filed the application against the Court of Appeal's decision on Nov 29 this year, which dismissed Tajudin’s first appeal with costs of RM15,000 to be paid by Tajudin to Rego.

Rego was a wholly-owned subsidiary of Technology Resources Industries Bhd (TRI), which is now known as Celcom Resources Bhd. As Celcom Trading, it is now wholly-owned by Celcom Resources, which is in turn owned by Celcom Axiata Bhd, Axiata's telco arm in Malaysia.

The lawsuit began with Rego claiming against Tajuddin for amounts due to Rego, following Rego's investment agreement entered in Jan 10, 1997 (and a supplemental agreement on April 21 that same year) with Aras Capital Sdn Bhd, for which an indemnity letter was issued by Tajuddin to Rego, TRI, and its directors on April 1, 1998.

In his defence and counterclaim, Tajudin had sought a court declaration that the indemnity letter given to Rego relating to investments made by Rego under the two agreements is void or alternatively, was made void, to revoke the letter of indemnity and return the sum of RM100 million allegedly paid by Tajudin to Rego and damages arising from the claim.

In June last year, the High Court has allowed Rego’s claim of RM264.53 million, with interest of 5% from May 31, 2013 against Aras Capital and Tajudin.

Axiata’s share price climbed two sen or 0.37% today to close at RM5.37, giving it a market capitalisation of RM48.59 billion. In the past one year, the stock has grown some 19%.
 

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