KUALA LUMPUR: Silver Bird Group Bhd’s wholly-owned subsidiary Stanson Marketing Sdn Bhd was served a summons by its associate KPF Quality Foods Sdn Bhd on Monday.
The sum of the claim amounts to RM24.32 million, which KPF claims is an outstanding debt from its 30% shareholder Stanson Marketing. Interest on this amount will be claimed at 8% per annum from Monday until the date of judgement.
An interest rate of 5% per annum will be applied from the date of judgement until full settlement and costs. According to a Silver Bird filing with Bursa Malaysia yesterday, the outstanding amount due to KPF is a key financial irregularity brought to light in KPF Advisory Sdn Bhd’s Forensic Accounting Review Report dated May 28, 2012.
Silver Bird, with subsidiaries Stanson Marketing and Standard Confectionery Sdn Bhd, is currently embroiled in a legal tussle with three former directors, three auditors and four other parties.
The group has filed an action against these parties claiming a breach of duties. The lawsuit involves a claim of RM125 million as special damages with regard to the financial irregularities purported.
This article appeared in The Edge Financial Daily on September 5, 2012.