NGSB withdraws claims against TM

  • Business
  • Saturday, 12 Feb 2011

PETALING JAYA: Network Guidance Sdn Bhd (NGSB) has withdrawn claims for damages amounting to RM400mil and loss of profit of RM500mil against Telekom Malaysia Bhd and TM Net Sdn Bhd over an alleged breach of contract.

TM told Bursa Malaysia yesterday that NGSB withdrew its claims for aggravated damages of RM200mil and exemplary damages of RM200mil and also abandoned the claim for loss of profit of RM500mil.

In the re-amended claim, NGSB sought a declaration that both parties had entered into an agreement for a joint-venture project but TM breached the agreement. As a result of the breach of agreement, NGSB suffered loss and damages. NGSB was now claiming special damages totalling RM23.95mil.

In the re-amended claim, NGSB stated it had changed its name to Fine TV Network Sdn Bhd.

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