KUALA LUMPUR: 7-Eleven Malaysia Holdings Bhd announced that it has settled a suit against Dego Malaysia Sdn Bhd and its founder Nabil Feisal Bamadhaj.
Under the amicable settlement recorded at the High Court, Dego and Nabil will pay RM2.8mil to 7-Eleven and Qinetics Solutions Sdn Bhd as full and final settlement of the claims made against them.
"The Settlement Sum will be satisfied with an initial payment of RM400,000 and the remaining by way of 24 monthly installments of RM100,000 each," it said in a filing with Bursa Malaysia today.
7-Eleven also said that the cost of investment in Dego amounting to RM7.5mil was fully impaired in the financial year ended Dec 31, 20202.
"The Settlement will not have any material effect on the earnings, net assets and gearing of the 7-Eleven Group for the financial year ending Dec 31, 2021," it said.