We refer to MBSB's announcement dated 10 December 2009 to Bursa Malaysia wherein it was announced that there was a dispute between the parties arising from Joint Venture Project on a piece of land in Mukim Tebrau, Johor. An earlier suit was served on KCSB Konsortium Sdn Bhd and Kausar Corporation Sdn Bhd on 31 July 2003. The suit was subsequently withdrawn. KCSB Konsortium Sdn Bhd and Kausar Corporation Sdn Bhd had subsequently re-filed the suit against the Company and its wholly owned subsidiary, MBSB Development Sdn Bhd ("MDSB").
MBSB wishes to announce that the Plaintiff have filed another suit on the same subject matter against the Company and MDSB and have also included the following in the suit:-
1. Definite Pure Sdn Bhd (“DPSB”), a wholly owned subsidiary of MBSB;
2. Dato’ Yusuf bin Sudin; and
3. Chief Executive Officer (“‘the CEO”) of the Company.
The Company has sought legal advice on the claim and the solicitors are of the opinion that the Company, MDSB, DPSB, the CEO of the Company have a valid defence and there is a good chance in defending the claim.
This announcement is dated 23 September 2011.