PRG Faces Lawsuit Over Alleged Settlement Breach

MT Newswires Live11-11

PRG (KLSE:PRG), whose interim judicial managers have been appointed, said SYP initiated legal action against Premier De Muara and its subsidiary Premier Construction on Sept. 14 over an alleged violation of a settlement agreement dated July 20, 2022, according to a Tuesday filing.

The claim, filed at the Kuala Lumpur Sessions Court through a writ and statement of claim, seeks damages of 511,646.31 ringgit, interest at 5% per annum on the judgment amount and legal costs, should the court rule in the plaintiff's favor.

Premier Construction appointed solicitors and submitted its defence and counterclaim on Oct. 16. The court has scheduled the next case management for Nov. 16.

PRG said the proceedings are not expected to affect its operations.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment