Type | Announcement |
Subject | MATERIAL LITIGATION |
Description |
NOTICE OF ARBITRATION PURSUANT TO ARBITRATION RULES OF THE SINGAPORE INTERNATIONAL ARBITRATION CENTRE ARBITRATION NO: ARB 153/20/AYP BETWEEN VODOKE PTE LTD (COMPANY NO: 201226907M) AND TELEKOM MALAYSIA BERHAD (128740-P) |
Telekom Malaysia Berhad (“TM”) refers to its previous announcement dated 4 March 2020 wherein it was announced that it has received a Notice of Arbitration dated 21 February 2020 from the Registrar of Singapore International Arbitration Centre for the commencement of an arbitration by Vodoke Pte Ltd (“VPL”) against TM. TM wishes to announce that it has received VPL’s Statement of Claim dated 19 June 2020 seeking for the following reliefs from TM: - (a) A declaration that TM has acted in repudiatory breach of the Collaboration Agreement (“CA”), which said breach VPL has accepted on or about 20 February 2020 (b) An order that TM pays VPL the sum of US$ 540,000 owing in respect of VPL’s invoice no. TM16090001 dated 1 September 2016 or alternatively, damages in the sum US$540,000, being the balance amount that ought to have been paid by TM to VPL in respect of the initial order of 30,000 units of the VPL IPTV Package in 2015; (c) an order that TM pays VPL reasonable damages, such damages to be assessed, for its breach of clause 5.2 of the CA; (d) an order that TM pays VPL reasonable damages, such damages to be assessed, for its breach of clause 3.1, 11.2 and 11.3 of the CA; (e) an order that TM pays VPL the costs of warehousing TM’s stocks from 15 August 2020 until such time that TM takes possession of the same or such date as the Tribunal deems appropriate; (f) costs of the present arbitration proceedings and all related hearings on an indemnity basis, pursuant to clause 21.1 of the CA; (g) interest on all sums found due, pursuant to section 20 of the International Arbitration Act; and (h) such further and/or other relief as the Tribunal deems appropriate. The said Statement of Claim was served to TM on the late evening of 19 June 2020. TM’s solicitors will proceed with the necessary steps to refute the claim. TM shall make further announcement if there are any material developments in respect of this matter. This announcement is dated 22 June 2020. |
Company Name | TELEKOM MALAYSIA BERHAD |
Stock Name | TM |
Date Announced | 22 Jun 2020 |
Category | General Announcement for PLC |
Reference Number | GA1-22062020-00085 |