We refer to the disclosure in our Annual Report 2025 released on 31 October 2025 and subsequent quarterly announcements dated 27 November 2025, 27 February 2026 and 28 May 2026 in relation to the above matter.
As disclosed in the abovementioned documents, on 30 July 2025, Berjaya Corporation Berhad's ("BCorporation") 100%-owned subsidiary, Berjaya Group Berhad ("BGroup") was served with Notices of Additional Assessment for Years of Assessment 2018 to 2023 totalling RM428 million inclusive of penalties and surcharges. The additional assessment resulted from the transfer pricing audit carried out by the Inland Revenue Board of Malaysia ("IRB"). BGroup had subsequently on 19 August 2025 initiated a judicial review application to the Kuala Lumpur High Court ("High Court") for a stay of enforcement and on 20 August 2025 appealed to the IRB against the additional assessment.
At the hearing held on 28 August 2025, BGroup successfully obtained an interim stay order which was effective until 29 September 2025. However, the hearing which was originally scheduled for 29 September 2025 was adjourned to 3 November 2025, with the interim stay extended to the same date. On the 3 November 2025 hearing, the Attorney General's Chambers ("AGC") informed the High Court that they wished to file an objection to leave. The High Court has subsequently fixed the next hearing on 9 January 2026, which was later postponed to 27 April 2026, with the interim stay further extended until disposal of the inter partes stay hearing.
On 27 April 2026, BGroup filed further documents in support of its application. The IRB informed the High Court that the AGC would stand by its submissions and rely on its arguments pertaining to the issue of domestic remedies. The High Court subsequently fixed the decision date on 25 May 2026 and granted an ad interim stay until that date. On 25 May 2026, the High Court granted leave for judicial review. The ad interim stay was further extended pending the inter-partes hearing of the stay application, which has been fixed on 16 June 2026.
BCorporation and BGroup will continue to be responsible taxpayers and will continue to engage constructively with the IRB to resolve this matter as quickly and amicably as possible. The Board of Directors of BCorporation holds the view that the actions taken by the IRB against BGroup appears to be somewhat harsh and hence hopes the judicial review application will mediate these concerns.
BCorporation will make further announcement(s) as and when there are any material development pertaining to the above matter.
This Announcement is dated 29 May 2026.