We refer to our announcements dated 21 July 2020 and 2 September 2020 in relation to the above matter.

For consistency, the abbreviations used hereinafter throughout this announcement shall have the same meaning as defined in the preceding announcements unless stated otherwise.

MTD ACPI wishes to announce that the Court had on 26 April 2021 ordered that the Application for Erinford Injunction by the Plaintiff be dismissed with costs of RM5,000.00 with interest at the rate of 5% per annum thereon from the date of the order until the date of full settlement thereof.

The ad interim Erinford Injunction granted by the Court is extended until 17 May 2021 to temporarily stay and injunct MTDC from receiving monies pending the Plaintiff’s filing of its application for Erinford Injunction in the Court of Appeal.

The Court has found that the interim injunction was wrongly granted against MTDC and therefore MTDC is entitled to damages, normally in the form of interest lost out due to the non-payment of the Performance Bond and the Advance Payment Guarantee by Alliance Islamic Bank Berhad.

MTDC is liaising with its solicitors for the submission of its application for assessment of damages.

MTD ACPI is of the view that save for the damages which will be assessed and awarded by the Court in favour of MTDC, the litigation will not result in any immediate material financial impact on the Company and the Group as at the date of this announcement. 

MTD ACPI will make further announcement as and when there is any material development on the above matter.

This announcement is dated 28 April 2021.