PESTEC INTERNATIONAL BERHAD ("PESTEC" OR "THE COMPANY") - KUALA LUMPUR HIGH COURT CIVIL SUIT NO. WA-22ICA-27-08/2026 AGAINST CERTAIN FORMER MEMBERS OF THE COMPANY'S MANAGEMENT AND SUPPLIERS APPOINTED BY THE COMPANY'S PREVIOUS MANAGEMENT NAMELY SHANDONG POWER EQUIPMENT CO LTD AND SHANDONG ELECTRICAL ENGINEERING & EQUIPMENT GROUP CO ("CIVIL SUIT")
| PESTEC INTERNATIONAL BERHAD |
| Type | Reply to Query |
| Reply to Bursa Malaysia's Query Letter - Reference ID | IQL-21082026-00001 |
| Subject | PESTEC INTERNATIONAL BERHAD ("PESTEC" OR "THE COMPANY") - KUALA LUMPUR HIGH COURT CIVIL SUIT NO. WA-22ICA-27-08/2026 AGAINST CERTAIN FORMER MEMBERS OF THE COMPANY'S MANAGEMENT AND SUPPLIERS APPOINTED BY THE COMPANY'S PREVIOUS MANAGEMENT NAMELY SHANDONG POWER EQUIPMENT CO LTD AND SHANDONG ELECTRICAL ENGINEERING & EQUIPMENT GROUP CO ("CIVIL SUIT") |
| Description | PESTEC International Berhad ("PIB" or "the Company")
- Kuala Lumpur High Court Civil Suit No. WA-22ICA-27-08/2026 against certain former members of the Company's management and suppliers appointed by the Company's previous management namely Shandong Power Equipment Co Ltd and Shandong Electrical Engineering & Equipment Group Co |
| Query Letter Contents | |
|
Unless stated otherwise, the terms used herein shall carry the same meaning as those defined in the earlier announcement dated 20 August 2026.
Further to PESTEC International Berhad's ("PIB" or the "Company") announcement dated 20 August 2026 and Bursa Malaysia Securities Berhad's ("Bursa Securities") query letter reference number IQL-21082026-00001 dated 21 August 2026 ("Bursa query"). The Company wish to announce the following additional information as required by Bursa Securities to the Bursa query:-
1) Name of the plaintiffs and defendants.
Plaintiffs: 1. Pestec International Berhad [Company Reg. No.: 201101019901 (948035-U)] ("the Company");
2. Enersol Co Ltd [Labuan Company Reg. No.: LL11850];
3. Pestech Sdn Bhd [Company Reg. No.: 199101010266 (220578-T)]
Defendants: 1. Shandong Power Equipment Co Ltd (PRC Unified Social Credit Code: 913700001630479545) ("SPECO");
2. Shandong Electrical Engineering & Equipment Group Co (PRC Unified Social Credit Code: 913700005578584429) ("SDEE");
3. Lim Pay Chuan (NRIC No.: 700920-04-5015);
4. Pan Seng Wee (NRIC No.: 750810-10-5510);
5. Han Fatt Juan (NRIC No.: 651210-11-5121); and
6. Teh Bee Choo (NRIC No.: 630208-08-5602).
2) Date of the Civil Suit and the date it was served to the defendants.
The Civil Suit was filed on 12 August 2026. The Company is in the process of effecting service of cause papers against the Defendants in the Civil Suit. Some of the service will require service outside jurisdiction.
3) The particulars of the claim under the Civil Suit including the amount claimed for, interest rate and other relief sought.
The Company's/Plaintiffs claim against the Defendants, jointly and/or severally, for, inter alia, the following reliefs: -
1. A declaration that the Defendants have committed fraud and/or fraudulent misrepresentation and/or fraudulent concealment against the Plaintiffs; 2. A declaration that the Third Defendant and/or Fourth Defendant and/or Fifth Defendant and/or Sixth Defendant have breached their fiduciary duties and/or duties owed to the Plaintiffs; 3. A declaration that the Defendants have engaged in a conspiracy to defraud and/or cause loss to the Plaintiffs and/or a conspiracy to use unlawful means; 4. A declaration that the aforesaid undated Corporate Guarantee is invalid, void, ineffective and/or not binding upon PIB; 5. An order that SPECO and/or SDEE repay and/or return to the Plaintiffs all sums received and proven to be proceeds of transactions and/or invoices which are fictitious, manipulated, duplicated, overclaimed and/or unsupported by actual transactions, subject to tracing and proof; 6. An order that SPECO repay USD200,000.00 to the Plaintiffs; 7. An order for an account of profits and/or against the Defendants who received and/or obtained the benefit of the Plaintiffs' funds; 8. An order for tracing and/or disclosure of the documents and information necessary to identify and trace the flow of funds, the parties who received and/or benefited therefrom, and all profits, benefits and/or proceeds derived from the disputed transactions; 9. Special damages and/or such other damages as may be proven through forensic reconciliation, including losses of at least USD7,459,276.94 and any additional sums proven; 10. General damages to be assessed; 11. Interest on the judgment sum at the rate of 5% per annum from the date of judgment until full settlement; 12. Costs of this action; 13. Interest on costs at the rate of 5% per annum from the date of judgment until full settlement; and 14. Such other order and/or further relief as the Honourable Court deems just and expedient.
4) To define Parent Corporate Guarantee and Parent Guarantee Company
For clarification, the reference of the Parent Guarantee Company was a typographical error and the intended term is Parent Company Guarantee ("the Guarantee").
In the present case, the Guarantee relied upon by SPECO is an undated instrument purportedly given by the Company to SPECO. The Company does not recognise the Guarantee as it was never part of the Company's corporate records nor was it acknowledged or recorded as a liability, obligation or contingent liability of the Company in its Audited Financial Statement for FYE 2022, 2023, 2025 and 2026.
The Guarantee was also not disclosed in the Disclosure Letter given on behalf of the Company by the then Directors in office on 4 October 2024 for the purpose of the Subscription Agreement of even date made between the Company and Dhaya Maju Infrastructure (Asia) Sdn Berhad.
In the premises, the Company denies any liability whatsoever under and/or arising from the Guarantee. The Company will take all necessary steps to resist any attempts to enforce the Guarantee against the Company.
This announcement is dated 24 August 2026. |
|
Announcement Info
| Company Name | PESTEC INTERNATIONAL BERHAD |
| Stock Name | PESTEC |
| Date Announced | 24 Aug 2026 |
| Category | General Announcement for PLC |
| Reference Number | GA1-24082026-00059 |