38. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (CONTINUED) Significant events during the financial year are as follows: (continued) (a) Dagang NeXchange Berhad (“the Company”), Dagang Net Technologies Sdn. Bhd. (“Dagang Net”), DNeX Telco Services Sdn. Bhd. (“DTS”), PT Dagang Samudera Hutama (“PT DSH”) and PT DNeX Telco Indonesia (“PT DTI”) (the Company, Dagang Net, DTS, PT DSH and PT DTI shall collectively be referred to as “the Group” or “the Plaintiffs”) vs Mohd Ismail Khan bin Wazir Khan, the former Chief Executive Officer of DTS (“the Defendant”): (continued) The Judge on 19 July 2024 has decided as follows: During the decision on 19 July 2024, the High Court has allowed the Plaintiffs’ claim and had granted the following reliefs: 1. A declaration that the Defendant had breached his fiduciary duty, trust, duty of care, skill and diligence, duty of fidelity and duty of trust and confidence towards the Plaintiffs, in regards to the ROV Acquisition; 2. A declaration that USD1,335,000 and/or all secret profits and/or other benefits obtained by the Defendant through the ROV Acquisition are held on constructive trust for the Plaintiffs; 3. An account of profits obtained by the Defendant for the sum of USD1,335,000 and/or all secret profits and/or other benefits procured through the ROV Acquisition; 4. Special damages in the sum of USD1,250,000 and IDR23,764,196,250 to be paid by the Defendant to the Plaintiffs; 5. Pre-judgement interest on the sums adjudged by this Honourable Court at the rate of 5% per annum calculated from 15 November 2022 until the date of this judgement; 6. Post-judgement interest on the sums adjudged by this Honourable Court at the rate of 5% per annum calculated from the date of this judgement until its full realisation; and 7. Costs of RM150,000 to be paid by the Defendant to the Plaintiffs. A Notice of Appeal has been filed by the Defendant on 22 July 2024 at the Court of Appeal. The Court of Appeal has fixed a further Case Management on 2 July 2025 to update the Court on the status of the High Court’s grounds of judgement. 200 Financial Statements DAGANG NeXCHANGE BERHAD Integrated Report 2024 NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024
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