Wednesday, 18 February 2015

Fraud at mTouche? (2)

I wrote before about this issue. The company announced today:

"Further to the Company's announcement on 13 January 2015, the Board of Directors of the Company (“the Board”) wishes to announce that the Company and MTSB (“the Plaintiffs”), have commenced a civil suit in the High Court in Malaya at Kuala Lumpur on 17 February 2015 against Pearl Legend International Limited (“PLIL”), Goh Eugene and Tan Wee Meng. Goh Eugene and Tan Wee Meng were previously the directors of the Company and MTSB.

The civil suit is for, amongst others, the recovery of wrongful payments made by MTSB to PLIL from 2009 to 2010 amounting to RM6.3 million on the basis of PLIL’s total failure of consideration in relation to an agreement dated 2 January 2009 entered into between MTSB and PLIL.

Alternatively, the Plaintiffs are also seeking RM6.3 million in damages against Goh Eugene and Tan Wee Meng, who were directors of the Plaintiffs during the material time, for breaching their fiduciary and statutory duties as directors and causing the Plaintiffs to suffer RM6.3 million in losses."

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