KUALA LUMPUR (Jan 21): Ann Joo Resources Bhd (KL:ANNJOO) has been ordered by the High Court to pay Amsteel Mills Sdn Bhd RM11.98 million in general damages over a supply contract dispute.
The general damages claim was the only claim the court allowed in Amsteel’s suit against Ann Joo’s wholly owned unit, Ann Joo Steel Bhd, over the alleged wrongful termination of a supply contract and addendum, according to Ann Joo, a steel billet, bar and wire rod producer, in a bourse filing on Tuesday.
Other claims by Amsteel, a unit of Lion Corp Bhd, which were dismissed by the court, including RM14.96 million for loss of profit, and RM885,200 in alternative damages.
Amsteel was also unsuccessful in seeking a court declaration that it is entitled to loss of profits for Ann Joo Steel’s failure to proceed with the contract, and restitution or an account of profits for unjust enrichment by the unit.
“The High Court has not provided the full grounds of its decision. Ann Joo Steel will need to wait for the writing grounds of the judgement to be published before Ann Joo Steel can determine the exact reasons for the High Court’s decision,” the filing read.
The High Court’s decision was delivered on Nov 28 last year. Ann Joo said it had filed an appeal to the Court of Appeal against the decision ordering it to pay RM11.98 million to Amsteel.
“Amsteel has also appealed against the High Court’s decision in dismissing its claims for unjust enrichment and loss of profits,” Ann Joo added.
Shares in Ann Joo ended unchanged at 83.5 sen on Tuesday, valuing the company at RM589.33 million.