152 GHL SYSTEMS BERHAD 199401007361 (293040-D) ANNUAL REPORT 2022 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 CONT’D 34. MATERIAL LITIGATION (Cont’d) On 30 May 2022, the Kuala Lumpur High Court had decided as follows: a) That the Plaintiff’s claim be dismissed; b) That the Defendant’s counterclaim is allowed, namely for the two outstanding invoices, Invoice No. 10000867 dated 31 December 2018 and Invoice No. 2019000225 dated 31 May 2019 for a total sum of RM185,500.00 at RM92,750.00 each with interest; c) That the Defendant is awarded damages for a sum of RM10,000.00; and d) That the Defendant is awarded costs in a sum of RM30,000.00, subject to allocatur fee. On 28 June 2022, Messrs. Shukor Baljit & Partners, the solicitors acting for the Plaintiff had served a Notice of Appeal dated 24 June 2022 (“Notice”) to the Defendant. The Plaintiff is appealing to the Court of Appeal against the decision of the Kuala Lumpur High Court as of 30 May 2022 in relation to the dismissal of the Plaintiff’s claim and allowance of the Defendant’s counterclaim. The appeal is fixed for case management on 21.8.2023 and hearing on 4.9.2023. The Directors are of the opinion, after taking appropriate legal advice, that no provision for the abovementioned claims is necessary. 35. ADOPTION OF NEW MFRSs AND AMENDMENTS TO MFRSs 35.1 New MFRSs adopted during the financial year The Group and the Company adopted the following Standards of the MFRS Framework that were issued by the Malaysian Accounting Standards Board (“MASB”) during the financial year: Title Effective Date Annual Improvements to MFRS Standards 2018 - 2020 1 January 2022 Reference to the Conceptual Framework (Amendments to MFRS 3 Business Combinations) 1 January 2022 Amendments to MFRS 116 Property, Plant and Equipment - Proceeds before Intended Use 1 January 2022 Amendments to MFRS 137 Onerous Contracts - Cost of Fulfilling a Contract 1 January 2022 Adoption of the above Standards and Amendments did not have any material effect on the financial performance or position of the Group and of the Company.
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