Material Litigation

icapital.biz Berhad ("ICAP" or the "Fund")

- Civil Application No. 08(f)-58-03/2023(W) ICAP v. City of London Investment Management Limited (CLIM)

Further to the announcements dated 19 November 2021, to the latest announcement on 16 February 2023 ("Announcements"), unless otherwise defined, the definitions set out in the Announcements shall apply herein.

The Board of Directors wishes to announce that following the decision to apply for leave to appeal to the Federal Court against the majority judgment of the Court of Appeal, a Notice of Motion and Affidavit in Support has been filed to the Federal Court on 14 March 2023. The matter is fixed for case management before the Federal Court on 14 April 2023.

The Fund will make further announcement on the developments of the above matter as and when is necessary.

This announcement is dated 15 March 2023.Less

Material Litigation

Court of Appeal Civil Appeal W-01(NCVC)(W)-10-01/2019 (Cindy Yeap's Appeal)

On 9 September 2016, Capital Dynamics Sdn Bhd, Capital Dynamics Asset Management Sdn Bhd and Tan Teng Boo ("Plaintiffs") instituted legal proceedings against Cindy Yeap, a senior editor from The Edge, for authoring and publishing an article titled 'icapital.biz largest shareholder says fund fees high, to vote down director reappointments' on 14 September 2015, which contained multiple misleading, false and deceptive statements about the Plaintiffs.

The High Court ruled on 7 December 2018 that the said article is defamatory of the Plaintiffs (Civil Suit No. WA-23NCVC-46-09/2016). Cindy Yeap appealed against the decision on 28 December 2018.

Capital Dynamics is pleased to announce that the Honourable Court of Appeal of Malaysia ("Court of Appeal") has concluded this matter in its favour (Court of Appeal Civil Appeal W-01(NCVC)(W)-10-01/2019).

On 11 May 2022, the Court of Appeal unanimously agreed with the High Court decision and held that the said article is defamatory of the Plaintiffs. The 3 Court of Appeal judges echoed the decision of the High Court in holding that all elements of defamation had been successfully proven by the Plaintiffs, and rejecting Cindy Yeap's defences of justification, qualified privilege and reportage and/or Reynolds defence.

Further, they noted that the timing of the said article was very close to the Annual General Meeting of 19 September 2015 and hence could amount to incitement of the shareholders to remove the Plaintiffs from their respective positions. They concluded by saying that Cindy Yeap was irresponsible in her reporting which had the effect of lowering the Plaintiffs' reputation with the public.Less

Covid-19 SOP

All Capital Dynamics offices are operating as usual in accordance with the requirements/standard operating procedures ("SOP") as prescribed by the relevant authorities in their respective countries.

We will continue to take precautionary measures to protect our employees, clients and other stakeholders. All visitors must wear face masks and ensure social distancing when you visit any of our offices. To better manage your visits and avoid any inconvenience, you are advised to make an appointment with us before your visit via phone call or via email to the relevant offices. For more details, please access the webpage of the relevant offices.Less