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Letter of Demand for Damage Caused by Discharge of Effluents and Unlawful Entry Onto The Lands ("Demands")

BackMar 02, 2016
Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-01032016-00001
Subject LETTER OF DEMAND FOR DAMAGE CAUSED BY DISCHARGE OF EFFLUENTS AND UNLAWFUL ENTRY ONTO THE LANDS ("DEMANDS")
Description 
MClean Technologies Berhad (MClean or the Company)
-	Letter of Demand for Damage Caused by Discharge of Effluents and Unlawful Entry onto the Lands
Query Letter Contents

We refer to your Company’s announcement dated 29 February 2016, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1.            The date of receipt of the letter of demand.

2.            The interest rate on the amount demanded, and other relief sought.

3.            The estimated potential liability to the Group arising from the Demand.

4.            The financial impact of the Demand on the Group. 

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

Yours faithfully,

 

TAN YEW ENG
Vice President, Issuers
Listing Division, Regulation

TYE/NZ

Cc : Market Surveillance Dept. , Securities Commission (via fax)

Reference is made to the announcement dated 29 February 2016 in relation to the Letter of Demand served by Petroliam Nasional Berhad and Petronas Gas Berhad (herein referred as the “Demand”) and the query letter dated 1 March 2016 from Bursa Malaysia Securities Berhad on the aforesaid matter.

The Board of Directors of MClean wishes to provide the following additional information:-

  1. The Letter of Demand was received on or about 22 February 2016.
  2. The Letter of Demand does not state any specific rate of interest. The claimants are seeking compensatory damages under various heads of claims totaling RM46,754,614.07.
  3. At as to-date, MClean is unable to estimate the probable liability to the Group as the causal nexus of the alleged acts and the harm suffered required in depth evaluation based on clear and credible evidence which is currently unclear at this present time.
  4. The repercussions from the Demand is seen as having a negative impact on the subsidiary in issue. However, MClean expects perception to cause some material impact in the short-term. The Company has taken all necessary measures to resist the claim. We are confident that the medium to long-term impact will not be adverse to the Group.

This announcement is dated 2 March 2016.



Announcement Info

Company Name MCLEAN TECHNOLOGIES BERHAD
Stock Name MCLEAN
Date Announced 02 Mar 2016
Category General Announcement for PLC
Reference Number GA1-02032016-00052

 


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