Taxman accepts Seacera unit to settle RM22.18m but directors object

  • Business Premium
  • Wednesday, 12 Jun 2019

Seacera pointed out the additional tax due amount of RM22.18mil occurred prior to the Seacera

KUALA LUMPUR: The Inland Revenue Board has accepted the voluntary declaration made by Seacera Group Bhd's unit  Duta Skyline Sdn Bhd to settle RM22.18mil in overdue tax but this had met with objection from Seacera's board.

Seacera announced to Bursa Malaysia on Wednesday Duta Skyline had offered to settle the amount from the years of asessment of 2009 and 2012 to be paid before July 1, 2019.
“The voluntary declaration letter dated May 13, 2019 was signed by Datuk Ismail Othman (one of the vendors and directors of Duta Nilai Holdings Sdn Bhd and Duta Skyline) without written approvals from the board of directors of Duta Skyline Sdn Bhd and Seacera,” it said.

Seacera pointed out the additional tax due amount of RM22.18mil occurred prior to the Seacera’s acquisition of Duta Nilai on Nov 16, 2016 which in turn wholly owned Duta Skyline. 

“Accordingly, the board of directors of Seacera is in the opinion the additional tax amount is personally payable in full by the vendors of Duta Nilai as the additional tax constitutes a clear breach of the vendors warranties under Clause 9.2 and paragraph 6.1 and paragraph 6.2 of Schedule 7 of the Sale and Purchase Agreement dated 16.11.2016.
“The board of directors is seeking legal advice on the next course actions to be taken and further announcement will be made accordingly," it said.

Article type: metered
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Seacera , tax , Duta Nilai , Duta Skyline


Next In Business News

Gamuda targets RM10bil new order book for FY22 Premium
Nestle Malaysia to make full transition to renewable electricity by Jan 1, 2022 Premium
Bursa Malaysia ends mixed, CI down 3.94 points Premium
TAFI unit secures RM30mil contract for mixed commercial project in JB Premium
Weibo shares close down 7.2% in Hong Kong debut Premium
China Evergrande shares hit new low amid debt crisis; Kaisa misses pay date Premium
Top Glove shareholders pass resolutions in support of HKEX listing plan Premium
Scientex posts stronger net profit of RM102.9mil in 1Q Premium
Moody's: Apac's carbon-intensive economies vulnerable to emission taxes Premium
Asian stocks ride global relief as investors shake off Omicron fears Premium

Others Also Read