MATERIAL LITIGATION XOX NETWORKS BERHAD (FORMERLY KNOWN AS MACPIE BERHAD) ("XOX NETWORKS" OR THE "COMPANY") - Shah Alam High Court Civil Suit No. BA-22NCvC-41-01/2022 filed by Trumpet International Sdn. Bhd. (formerly known as Macpie Pro Sdn. Bhd.) ("Trumpet International") ("Plaintiff") against Mr. Luah Aik Teong ("Defendant") ("Litigation")

XOX NETWORKS BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
XOX NETWORKS BERHAD (FORMERLY KNOWN AS MACPIE BERHAD) ("XOX NETWORKS" OR THE "COMPANY")
- Shah Alam High Court Civil Suit No. BA-22NCvC-41-01/2022 filed by Trumpet International Sdn. Bhd. (formerly known as Macpie Pro Sdn. Bhd.) ("Trumpet International") ("Plaintiff") against Mr. Luah Aik Teong ("Defendant") ("Litigation")

Reference is made to the announcements dated 11 February 2022 and 15 February 2022 respectively in relation to the Litigation. Unless otherwise defined in this announcement, the terms stated herein shall have the same meaning as defined in the earlier announcements.

The Board of Directors of XOX Networks wishes to announce that the Shah Alam High Court had during the case management on 9 March 2022 recorded that judgement in default was granted in favour of Trumpet International, a wholly-owned subsidiary of the Company.

Under the judgment, the Defendant is required to pay the following to the Plaintiff:

1. the sum of RM4,900,000.00 immediately.

2. the Defendant is to pay the Plaintiff agreed late payment interest at the rate of 3% per month calculated from the following due date of the said payment:

   (i)    the amount of RM900,000.00 calculated from 31 December 2019;

   (ii)   the amount of RM1,000,000.00 calculated from 31 January 2020;

   (iii)  the amount of RM1,000,000.00 calculated from 29 February 2020;

   (iv)  the amount of RM1,000,000.00 calculated from 31 March 2020; and

   (v)  the amount of RM1,000,000.00 calculated from 30 April 2020,

   until the full and final settlement of this Judgement Debt.

3. the costs of this action amounting to RM2,282.00 be paid by the Defendant to the Plaintiff immediately together with interest thereon at the rate of 5% per annum from the date of this Judgement until the full and final settlement of the costs.

This announcement is dated 10 March 2022.






Announcement Info

Company Name XOX NETWORKS BERHAD
Stock Name XOXNET
Date Announced 10 Mar 2022
Category General Announcement for PLC
Reference Number GA1-10032022-00015