This article first appeared in The Edge Financial Daily, on January 19, 2016.

KUALA LUMPUR: An appeal by Tan Sri Tajudin Ramli (pic) and his younger brother Datuk Bistamam Ramli against a judgement of the Kuala Lumpur High Court dated March 20, 2013 in favour of Technology Resources Industries Bhd (TRI), a wholly-owned subsidiary of Celcom Axiata Bhd, has been dismissed.
In a filing with Bursa Malaysia yesterday, Axiata Group Bhd said the Court of Appeal yesterday dismissed the appeal with cost of RM30,000 to be paid by Tajudin and Bistamam.

Tajudin and Bistamam have one month to file an application for leave to appeal to the Federal Court against the decision, said Axiata.

“Axiata will make further announcements from time to time in respect of any material developments in this matter,” it added.

The duo left the TRI board in July 2002, following a bitter power tussle with Telekom Malaysia Bhd after the latter bought a 31.25% stake in TRI.

The High Court on March 20, 2013 decided, after a full trial, against Tajudin, Bistamam and Datuk Lim Kheng Yew in a suit brought by TRI to reclaim RM37.84 million in compensation payments, Employees Provident Fund (EPF) contributions and incentive payments paid to the trio when they were directors of the company.

The decision by the High Court included interest to be paid at a rate of 3% per year from the judgement date to the date of full realisation, but without including other costs to be assessed.

TRI in September 2006 filed the suit for recovery of the sums paid by it to the trio as alleged compensation for loss of office and incentive payments.

Tajudin, the former Malaysian Airline System Bhd chairman, was ordered to repay RM15.76 million in compensation payments, to return RM2.7 million in EPF contributions and RM3.4 million in incentive payments to TRI. Bistamam and Lim, meanwhile, would have to repay RM6.92 million and RM9.05 million, respectively.

Tajudin and Bistamam, in September 2006, counterclaimed against TRI, seeking a declaration that they had been appointed chief executive and group executive vice-president of the company.

Their counterclaims also sought declarations that TRI’s board had offered and paid them compensation for the termination of their employment to the sum of RM23.44 million and RM6.19 million, respectively, that the settlement was in exchange for their agreement not to enforce their legal rights against the company arising from their termination, and that all compensation payments were paid in accordance with the law.

However, the defendants’ counterclaims were also dismissed by the High Court on March 20, 2013, which ordered that costs be assessed on April 18, 2013.

Then on April 17, 2013, TRI was served with the Notice of Appeal filed by Tajudin and Bistamam with the Court of Appeal against the judgement of the High Court.

Axiata announced on March 6, 2015 that it had reached a settlement with Lim, but did not disclose details of the settlement.

Axiata shares closed one sen or 0.64% higher at RM1.58 yesterday, with a market capitalisation of RM54.14 billion.