Classita Holdings Berhad, formerly known as Caely Holdings Bhd announced that Classita and Dato’ Sri Tee Yam@ Koo Tee Yam and Madam Wong Siaw Puie, the plaintiffs of the Civil Suit have amicably settled the matter on a without admission of liability basis and consent judgment has been recorded this morning.
The Suit was filed by the plaintiffs in November 2022 which they claimed that they had advanced to Classita a total sum of approximately RM3.96 million for the day-to-day operating costs. On 7th March 2023, Messrs. Ong Kok Bin & Co took over the conduct of the Suit representing Classita. Thereafter, a more detailed internal inspection and audit was carried out based on the advice given by the new solicitors, upon completion of which the current Board of Directors was satisfied that several advancements were received from the plaintiffs. As such, Classita negotiated a settlement with the plaintiffs at the mutually agreed sum of RM3.30 million instead of the claimed amount of RM3.96 million.
The Board of Directors said they are committed to allocating all available resources towards the efforts of recovering all monies believed to have been misappropriated from Classita, be it in current ongoing or future legal actions. To recap, the new Board of Directors had on 19 October 2022 filed a civil suit against Datin Fong Nyok Yoon, Dato’ Chuah Chin Lai, Siow Hock Lee, Ooi Say Teik, Hem Kan @ Chan Hong Kee, Ng Boon Kang, Tan Loon Cheang, Dato’ Wira Ng Chun Hau, Lim Chee Pang, Lim Say Leong, Beh Hong Shien, and Gok Ching Hee for the misappropriation of funds of not less than RM30.55 million from Caely (M) Sdn Bhd (Systematic Misappropriation), conducts of non-disclosure of the Systematic Misappropriation, fraudulent concealment, conspiracy, fraud and deception, breach of directors’ duties arising from or related to the Systematic Misappropriation.
