DescriptionWithdrawal of Suit Against Former Chairman, Ex-MD And Four Former Directors For £6.4 Million.

Reference is made to the Company’s announcement dated 11 August 2020.


The Board of Directors’ of the Company wishes to announce that the Company had on 23 December 2020 agreed to withdraw its Suit against the following defendants as the settlement between the parties have been largely agreed in principle, subject to  formalisation of the settlement terms and filing of notices of discontinuance at the KL High Court:


1. Mohd Ghazali Haji Che Mat

2. Che Lodin Wok Kamaruddin

3. Megat Abdul Rahman Megat Ahmad

4. Azzat Kamaludin

5. Ghazali Mohd Ali

6. Tan Leh Kiah


Moving forward, the Board of Directors wishes to focus the Company’s resources on the EDGE 20 Transformation Plan the Company announced on 17 July 2020, to strengthen the Company’s fundamentals, and ultimately transforming the Company into a high performing and sustainable organisation.


Another announcement will follow once the withdrawal of the Suit is completed.


This announcement is dated 23 September 2020.


Announcement Info

Stock NameBSTEAD
Date Announced23 Dec 2020
CategoryGeneral Announcement for PLC
Reference NumberGA1-23122020-00059