KUALA LUMPUR (Oct 28): PeterLabs Holdings Bhd (KL:PLABS) and two disputing substantial shareholders — former executive director Datuk Loh Saw Foong and his wife Datin Lin Ching Yein — said their disputes concerning the company and its units have ended.
In a joint statement, PeterLabs, its units PeterLabs Sdn Bhd (PSB), Thye On Tong Trading Sdn Bhd (TOTT), Loh and Lin said they have entered into a settlement agreement on Tuesday, marking the conclusion of all matters arising from or connected with the management, operations and affairs of PeterLabs, PSB and TOTT.
The agreement reflects the "mutual intention of parties to bring finality and closure" to these issues, the statement read.
However, the joint statement did not reveal further details of the settlement agreement.
The disputes started in May, stemming from an internal probe into Loh’s unspecified alleged misconduct. Loh was suspended pending the probe, which was lifted a month later.
The MACC was also involved as it raided both the offices of PeterLabs and TOTT, of which Loh was a general manager, after a report was lodged by the company over the allegations involving Loh.
In a separate bourse filing, PeterLabs announced Loh’s resignation as an executive director “due to personal reasons and other commitments”, effective Tuesday. He and Lin collectively hold more than a 10% stake in PeterLabs.
Following the settlement agreement, two civil proceedings are set to be concluded, according to the joint statement.
This includes Loh and Lin’s suit against PeterLabs, PSB, TOTT and certain PeterLabs directors and contractors of PSB, alleging that the affairs of the companies had been conducted in a manner oppressive to them or in disregard of their interests.
The other suit was PeterLabs and PSB’s legal action against Loh and Dagang News Sdn Bhd, claiming alleged defamation in relation to an online article in July.
“Moving forward, the parties agree to abide by their respective obligations in the settlement agreement amicably,” it said.
Shares in Peterlabs ended 1.5 sen or 6.25% lower at 22.5 sen on Tuesday, valuing the company at RM61.92 million.