19 Jul 2024
1. ) DAGANG NEXCHANGE BERHAD 2. ) DAGANG NET TECHNOLOGIES SDN BHD 3. ) DNEX TELCO SERVICES SDN BHD 4. ) PT DAGANG SAMUDERA HUTAMA 5. ) PT DNEX TELCO INDONESIA MOHD ISMAIL KHAN BIN WAZIR KHAN
- Citation
- WA-22NCC-596-11/2022 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-22NCC-596-11/2022 (Mahkamah Tinggi)
The court held that the defendant, as CEO and senior manager, breached statutory duties under sections 213 and 214 of the Companies Act 2016 and fiduciary duties by knowingly withholding the original vendor price, failing to disclose a relationship creating a conflict of interest, circumventing procurement and approval limits, impeding due diligence and inspection, arranging/benefiting from secret commissions, and disclosing confidential board material; these breaches caused quantifiable losses and entitled plaintiffs to declarations, an account of profits/constructive trust, special damages,…