KUALA LUMPUR (March 28): Iris Corp Bhd said today it does not foresee any potential liability arising from its legal suit with Roxwell Group Sdn Bhd as the company is of the opinion that Roxwell’s action in filing the suit is "vexatious" and "frivolous".

"Save for legal fees and disbursements involved, Iris Corp is not expected to incur losses arising from the suit. There is no financial and operational impact arising from the suit as the plaintiff has never secured any contract in favour of Iris Corp," the group said in a filing with Bursa Malaysia.

Roxwell had on March 10 filed a writ of summons at the Kuala Lumpur High Court against Iris Corp and four others, namely group managing director and chief executive officer Datuk Tan Say Jim, director Su Thai Ping, former deputy managing director Hamdan Mohd Hassan and Sylla Ibrahima Sory, seeking RM169.48 million for an alleged commission payment under a cooperation agreement signed in January 2011. This was in relation to a build, own and transfer passport contract awarded by the Government of the Republic of Guinea to Iris Corp in 2013.

Iris Corp has denied it has breached the agreement, stating that Roxwell had never in any way facilitated to secure any contract whatsoever in favour of Iris Corp within the two years from the execution of the agreement. The case management of this suit has been fixed for April 11.

Iris Corp shares closed unchanged at 14 sen today, bringing it a market capitalisation of RM314.89 million.