KUALA LUMPUR (June 29): The Inland Revenue Board (IRB) has obtained a summary judgement from the High Court that affirms Destini Bhd’s indirect subsidiary Destini Shipbuilding and Engineering Sdn Bhd (DSBE) owes the former RM6.58 million in outstanding tax for year of assessment 2016.
IRB had filed a writ of summons and statement of claim in September last year against DSBE, seeking for the sum owed to it.
In a bourse filing today, Destini said it will submit a payment settlement proposal to IRB, with a view to settling the judgement sum for the suit.
However, it maintained that DSBE is not a major subsidiary of the company, adding that the integrated engineering solutions provider does not have direct investment in DSBE.
“The company’s investment in shipbuilding activities is made through its wholly-owned subsidiary Destini Armada Sdn Bhd. The company has made full provisions on its total investment cost in Destini Armada, totalling RM77.8 million as at Dec 31, 2020,” it added.
Destini also said there is no impact on the operation of the group. “This is in view that the judgement sum of RM6.58 million has been incorporated in the financial statements, and the financial impact from the summary judgement is the loss of investment in DSBE.”
In a separate filing, Destini said DSBE had been served with a winding-up petition from Doedijns BV of the Netherlands for failing to pay an outstanding sum of EUR131,256 (RM658,905), being the outstanding amount due pursuant to a settlement agreement dated April 30, 2020 to the latter.
Destini said it is not expected to incur any further loss arising from the winding-up petition, as both parties have agreed to settle this matter, where DSBE is to pay Doedijns EUR154,000 including cost, as full and final settlement amount.
Destini shares closed down 0.5 sen or 2.44% at 20 sen today, bringing a market capitalisation of RM297.79 million.
