MATERIAL LITIGATION ICONIC WORLDWIDE BERHAD ("ICONIC" OR "THE COMPANY") - PENANG HIGH COURT CIVIL SUIT NO. PA-22NCVC-124-07/2023: CERAMTEC INNOVATIVE CERAMIC ENGINEERING (M) SDN. BHD. V ICONIC MEDICARE SDN. BHD. (IN THE ORIGINAL ACTION); ICONIC MEDICARE SDN. BHD. V CERAMTEC INNOVATIVE CERAMIC ENGINEERING (M) SDN. BHD. (IN THE COUNTERCLAIM)

ICONIC WORLDWIDE BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
ICONIC WORLDWIDE BERHAD ("ICONIC" OR "THE COMPANY") 
- PENANG HIGH COURT CIVIL SUIT NO. PA-22NCVC-124-07/2023: CERAMTEC INNOVATIVE CERAMIC ENGINEERING (M) SDN. BHD. V ICONIC MEDICARE SDN. BHD. (IN THE ORIGINAL ACTION); ICONIC MEDICARE SDN. BHD. V CERAMTEC INNOVATIVE CERAMIC ENGINEERING (M) SDN. BHD. (IN THE COUNTERCLAIM)

Reference is made to the Company's announcement dated 22 May 2023 in relation to the above matter. This matter was transferred from the Jawi Magistrate Court to the Penang High Court in July 2023. Unless otherwise stated, the definitions and terms used herein shall have the same meaning as defined in the previous announcement.

The Board of Directors of the Company wishes to announce that the Penang High Court read the decision on the claim made by CeramTec Innovative Ceramic Engineering (M) Sdn. Bhd. (“CICE”) against Iconic Medicare Sdn. Bhd. (“IMED”) and the counter claim filed by IMED against CICE today. Summary of the decision is as follows: -

1. CICE's claim against IMED for RM44,190 being cost of scrapping the ceramic formers was dimissed;

2. IMED's counter claim for RM583,800 being extra cost that IMED had to pay to procure the ceramic formers from another supplier was allowed;

3. IMED'S claim for USD3,760,000 million being the loss of profit as a result of delays in the delivery of ceramic formers was not allowed; and

4. CICE was further ordered to pay cost of RM30,000.

The Company will seek legal advise on the next course of action upon receiving the written grounds of judgement and any material development on this matter will be announced in due course.

This announcement is dated 28 February 2025.






Announcement Info

Company Name ICONIC WORLDWIDE BERHAD
Stock Name ICONIC
Date Announced 28 Feb 2025
Category General Announcement for PLC
Reference Number GA1-28022025-00062