High Court strikes out Harvest Court’s suit against Chai

PETALING JAYA: Harvest Court Industries Bhd's suit against Datuk Eddie Chai Woon Chet and 33 others has been struck out by the Kuala Lumpur High Court last Thursday (Aug 28), Chai said in a statement last Friday.
Harvest Court had on July 11 filed a suit against Chai, his private vehicle Zenith City Investments Ltd and 32 others for allegedly breaching Section 9 (1) of the Malaysian Code on Take Overs and Mergers 2010 for failing to make a mandatory general offer (MGO) to Harvest Court shareholders.
According to listing requirements, a shareholder must make an MGO when its shareholding hits 33%.
In a SunBiz report on July 15, Harvest Court CEO and managing director Datuk Raymond Chan Boon Siew said he had a recording of a conversation in which Chai admitted that he had a block of up to 34% share in the company.
Chai, who was not aware of the recording, denied that he had mentioned to Chan that his shareholding in Harvest Court exceeded 33%. Filings with Bursa Malaysia showed that he held, via Zenith, a 20.95% stake in Harvest Court as at June 30.
Chai has filed a counter-suit against Harvest Court over announcements made by the company to Bursa Malaysia regarding Chan's allegations, for defamation.