KUALA LUMPUR (June 21): The High Court has allowed Rego Multi-Trades Sdn Bhd's (now known as Celcom Trading Sdn Bhd) claim of RM264.53 million with interest of 5% from May 31, 2013 against Aras Capital Sdn Bhd and Tan Sri Tajudin Ramli.

In a filing with Bursa Malaysia today, Axiata Group Bhd said the High Court had also dismissed Tajudin's counterclaim with costs of RM100,000 after full trial of the matter.

Rego is a wholly-owned subsidiary of Technology Resources Industries Bhd (TRI), which is now known as Celcom Resources Bhd. Celcom Trading is a wholly-owned subsidiary of Celcom.

To recap, Rego had filed the claim against Aras Capital and Tajudin on Feb 16, 2005 in relation to an investment management agreement dated Jan 10, 1997 and a supplemental agreement dated April 21, 1997 between Rego and Aras Capital, as well as a letter of indemnity dated April 1, 1998 given by Tajudin to Rego, TRI and its directors.

In the counterclaim, Tajudin had sought a court declaration that the indemnity letter given to Rego relating to investments made by Rego under the two agreements is void or, alternatively, was made void, to revoke the letter of indemnity and return the sum of RM100 million allegedly paid by Tajudin to Rego and damages arising from the claim

On July 4, 2005, Rego and TRI had filed its reply and defence to Tajudin's counterclaim as well as an application to strike out the counterclaim.

However, the court had dismissed the striking out application of May 18, 2006, following which Rego, TRI and its directors then filed their appeals against the decision.