Friday, February 11, 2011

Network Guidance withdraws claims for RM900m damages against Telekom Malaysia

KUALA LUMPUR: Network Guidance Sdn Bhd (NGSB) has withdrawn claims for damages totaling RM400 million and loss of profit of RM500 million against TELEKOM MALAYSIA BHD [] and TM Net Sdn Bhd over an alleged breach of contract.

TM said on Friday, Feb 11 NGSB withdrew its claims for aggravated damages of RM200 million and exemplary damages of RM200 million and also abandoned the claim for loss of profit of RM500 million.

In the re-amended claim, NGSB sought a declaration that both parties had entered into an agreement for a joint-venture project but TM breached the agreement.

As a result of the breach of agreement, NGSB suffered loss and damages. NGSB was now claiming special damages totalling RM23.95 million.

The damages including equipment, licence fees for use of software and content, overheads and cost of tests and also interest of 8% per annum on the special damages.

In the re-amended claim, NGSB stated it had changed its name to Fine TV Network Sdn Bhd.

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