Further to the announcement dated 21 February 2012, the Board wishes to announce that Harrisons Trading (Sabah) Sdn Bhd has on the 27 February 2012, written to Kastam DiRaja Malaysia to request a two months extension to reply to their letter.
The Company also wishes to respond to the following queries received from Bursa Malaysia (“Bursa”).
Bursa’s Query (1)
The interest rate on the amount claimed for; if any
Company’s Response
The demand from Kastam DiRaja Malaysia pursuant to section 135(1)(g) of the Customs Act 1967 (the “Act”) does not make any claim for interest. Neither does the Act provide for any interest payable for a claim made under section 135(1)(g) of the Act.
Bursa’s Query (2)
The details of the default or circumstances leading to the filing of the Letter of Demand against the Company.
Company’s Response
The circumstances leading to the filing of the Letter of Demand against Harrisons Trading is in connection with duty free canned beers imported by Harrisons Trading into Labuan which were sold to buyers in Labuan in the course of its business. It is not stated in the Letter of Demand as to how the Kastam DiRaja Malaysia has arrived at the alleged amounts of duties and tax claimed and no details were provided on how these duties and tax arose except that it involves 19,657,715 cans of 320ml beer. The Company is investigating the matter and Harrisons Trading has requested further information from Kastam DiRaja Malaysia.
The Company will disclose more information when it is in a position to do so.
Bursa’s Query (3)
The financial and operational impact of the Letter of Demand on Harrisons Holdings (Malaysia) Berhad group.
Company’s Response
The potential financial impact on the Group would be the alleged claim of RM91,750,418.99 by Kastam DiRaja Malaysia. The Company and Harrisons Trading do not admit being liable to the alleged claim and do not know how the amount of the claims are arrived at.
Based on its current operations, the operations of the Group are not expected to be materially impacted by the alleged claim.
Bursa’s Query (4)
The expected losses, if any, arising from the Letter of Demand.
Company’s Response
At the present time, the Company is unable to comment on the expected losses, if any, arising from the Letter of Demand as its investigations are still ongoing and the Company is awaiting further information on the matter from Kastam DiRaja Malaysia.
The Company will disclose more information when it is in a position to do so.
This announcement is dated 28 February 2012.
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The FBM KLCI on Wednesday closed 3.26 points lower, or 0.21%, to close at 1.560.52, weighed down by plantation-related stocks — such as IOI Group (down 10 sen to RM5.34), PPB GROUP BHD [] (down 50 sen to RM17.14) and KLK (down 36 sen to RM23.64) — which brought the index down by 3.06 points.
sell structured settlement