The Primus (M) Sdn Bhd lawsuit, which seeks RM1.12 billion in damages from certain EON CAPITAL BHD []'s (EONCap) directors and shareholders should HONG LEONG BANK BHD [] (HLBB) succeed in acquiring EONCap’s assets and liabilities, opened in court on Tuesday, July 6 with Aug 17 fixed for further case management of the matter.
The case management date is shortly after HLBB's impending Aug 15 deadline for securing shareholders’ and regulatory approvals for the proposed acquisition. After this date, HLBB reserves the right to withdraw the offer.
Judicial Commissioner Varghese George Varughese, who sits at the new commercial courts here, fixed the date after hearing the summons for direction in chambers yesterday.
Met by reporters, counsel S. Suhendran said he was unable to reveal the details of what transpired in chambers but said the court fixed schedules for the filing of affidavits over the next few weeks.
"All the preliminary stuff was done today. So nothing controversial happened today at all so don't worry," Suhendran said.
Suhendran is representing three respondents in the suit; Rin Kei Mei, Kualapura (M) Sdn Bhd and Lintang Emas Sdn Bhd.
Primus, which is the Malaysian arm of EONCap's major shareholder Primus Pacific Partners Ltd, was represented by counsel Datuk Loh Siew Cheang.
On June 21, Primus filed the lawsuit against certain shareholders and boardmembers of EONCap over the handling of the proposed acquisition by HLBB.
Primus sought RM1.12 billion in damages from nine EONCap's board members should HLBB succeed in their proposal, which Primus contended was a sale at an undervalued price.
Written by Chua Sue-Ann
The Edge Malaysia
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