Friday 29 Mar 2024
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KUALA LUMPUR (Dec 7): The High Court has dismissed T7 Global Bhd’s suit against its former managing director Datuk Harzani Azmi and ex-executive director Tan Wee Koh for breaches of fiduciary duties, negligence and breach of trust.

In a filing with Bursa Malaysia, T7 Global said the group is obtaining legal advice from its solicitors on the next course of action.

In May 2016, T7 Global, then named Tanjung Offshore Bhd, announced it has initiated legal proceedings against Harzani, Tan and Al Maurid Resources Sdn Bhd and was claiming RM20 million from them.

The suit was in relation to the group’s acquisition of the balance 49% stake in Gas Generators (M) Sdn Bhd in 2013 for RM34.3 million.

In February 2016, Harzani was also charged with fraud and money laundering at the Sessions Court. He was alleged to have fraudulently induced T7 Global to acquire the 49% stake in Gas Generators.

He was also alleged to be indirectly involved in money laundering, involving the transfer of RM13.3 million between in November 2013 to a client's trust account in Kenanga Investment Bank Bhd.

T7 Global’s share price fell one sen or 2.78% to 35 sen today, giving it a market capitalisation of RM145.07 million.

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