The judicial review filed by Kapar Energy Ventures a JV between TNB and Malakoff has been withdrawn following an out-of-court settlement between the company and the Inland Revenue Board.
IRB had slapped an RM596 million assessment for the years 2011, 2012, and 2014, and an additional assessment for 2013, 2015, 2016, 2017, and 2018. KEV is a joint venture project, with Malakoff holding a 40% share while TNB’s wholly-owned subsidiary, TNB Power Generation holds the balance of 60%.
At the case management held on 21 June 2023, KEV informed the High Court that an out-of-court settlement has been reached between IRB and KEV. Pursuant to this KEV proceeded to withdraw the Judicial Review application before the High Court and filed a notice of discontinuance on 21 June 2023. The matter before the High Court has now been resolved.
The parties said the out-of-court settlement is not expected to have any material impact on the earnings of the companies.
