Puncak Niaga has informed the Exchange that it had decided to withdraw its filing against two former Selangor Menteri Besar’s namely Tan Sri Khalid Ibrahim and Datuk Seri Azmin Ali who both served the State government under the PKR leadership.
The company was the drinking water concessionaire for the state at that time and had its contract terminated when the new state government in 2017, which led to Puncak Niaga filing an unlawful termination of the agreement between the parties.
On the decision to withdraw now, Puncak said it filed the Notice of Discontinuation of the claim at the Shah Alam High Court with no order as to costs and without liberty to file afresh. It said the discontinuation was made after careful consideration due to it being initiated in October 2017 which was 6 years ago and had yet to proceed to trial.
At the same time, it said the discontinuation of Puncak’s claim will enable Puncak to reduce incurring more resources and further costs to pursue the matter in court.
Puncak also added that it was due to evolving changes in the challenging business environments and will allow the company to focus on the pursuit of its business objectives and strategies toward long-term sustainable growth.
