KUALA LUMPUR (March 8): Comintel Corp Bhd (Comcorp) said today it will pay U Television Sdn Bhd (UTV) a counterclaim sum of RM20.83 million after the Federal Court at its hearing yesterday (March 7) dismissed Comcorp's wholly-owned subsidiary Comintel Sdn Bhd's application to review the court's earlier order dated Aug 18, 2017.
Tan Sri Vincent Tan Chee Yioun owns pay television operator UTV. Today, IT and telecommunication company Comcorp said in a Bursa Malaysia statement that its latest filing followed previous announcements on the litigation taken by Comintel against UTV and Tan.
Comcorp said today: "The board of directors of Comcorp wishes to announce that at the Federal Court hearing yesterday, March 7, 2019, the Federal Court dismissed Comintel's application to review the Federal Court's earlier order dated Aug 18, 2017 with cost of Ringgit Malaysia twenty thousand (RM20,000-00) subject to the payment of 'court imposed' fee."
"Thus, Comintel is to pay the counterclaim sum of Ringgit Malaysia twenty million eight hundred and thirty three thousand and fifty three (RM20,833,053-00) only together with interest and costs to UTV pursuant to the order," Comcorp said.
The Federal Court's decision yesterday followed Comintel's request for a review of the Federal Court's decision on Aug 21, 2017.
On Aug 21, 2017, Comcorp told Bursa that the Federal Court had on Aug 18, 2017 decided to allow the appeal by UTV and Tan and their counterclaim of RM20.8 million against Comintel.
Comcorp said in the Aug 21, 2017 filing that the decision had a material impact on Comcorp and the company was assessing the financial impact should the decision be enforced.
On Dec 19, 2017, Comcorp said in a bourse filing it had on Sept 13, 2017 filed a notice of motion together with its affidavit to review the Federal Court's decision.
At 12:30pm today, Comcorp shares settled down one sen at 12.5 sen, with 48,400 shares traded.