38. SIGNIFICANT EVENTS DURING THE FINANCIAL PERIOD (CONTINUED) Significant events during the financial period are as follows:- (continued) (b) Dagang NeXchange Berhad (“the Company”), Dagang Net Technologies Sdn. Bhd. (“Dagang Net”), DNeX Telco Services Sdn. Bhd. (“DTS”), PT Dagang Samudera Hutama (“PT DSH”) and PT DNeX Telco Indonesia (“PT DTI”) (the Company, Dagang Net, DTS, PT DSH and PT DTI shall collectively be referred to as “the Group” or “the Plaintiffs”) vs Mohd Ismail Khan bin Wazir Khan, the former Chief Executive Officer of DTS (“the Defendant”): The Group had on 11 November 2022 filed a legal action against the Defendant in the Kuala Lumpur High Court. The Group is seeking for the following reliefs against the Defendant: 1. A declaration that the Defendant had breached his fiduciary duty, trust, duty of care, skill and diligence, duty of fidelity and duty of trust and confidence towards the Plaintiffs, in regards to the acquisition of a remotely operated vehicle (“ROV”); 2. A declaration that USD1,335,000 and/or all secret profits and/or other benefits obtained by the Defendant through the ROV acquisition are held on constructive trust for the Plaintiffs; 3. An account of profits obtained by the Defendant for the sum of USD1,335,000 and/or all secret profits and/or other benefits procured through the ROV acquisition; 4. Special damages in the sum of USD1,250,000 and IDR23,764,196,250 to be paid by the Defendant to the Plaintiffs; 5. Aggravated damages against the Defendant to be assessed by the Court; 6. Exemplary damages against the Defendant to be assessed by the Court; 7. Pre-judgement interest on the sums adjudged by the Court at the rate of 5% per annum from the date of the statement of claim until the date of the judgement; 8. Post-judgement interest on the sums adjudged by the Court at the rate of 5% per annum from the date of the judgement until its full realisation; 9. Costs on an indemnity basis; and 10. Any further and/or other relief than the Court deems fit and proper. The trial continued for 4 days and was completed on 31 January 2024. The parties are currently in the midst of preparing post-trial submissions. The oral submissions for this matter have been fixed on 13 May 2024. Integrated Report 2023 299
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