Wednesday, October 5, 2011

Southern Acids withdraws suit against ex-directors

KUALA LUMPUR: SOUTHERN ACIDS (M) BHD [] and its two units have withdrawn the suit against two former directors over alleged breach of breach of fiduciary duty over the non-renewal of the tenancy of a parcel of industrial land.

It said on Wednesday, Oct 5 the suit against the former directors of the units, Southern Acids Industries Sdn Bhd (formerly known as Pofachem (M) Sdn Bhd) and Noble Interest Sdn Bhd was withdrawn on Monday.

Southern Acids said the withdrawal of suit with no order as to costs was after landlord, Southern Realty (Malaya) Sdn Bhd ' which was a major shareholder of the company ' had renewed the tenancy.

It said the suit was withdrawn with no order as to costs with liberty to file afresh as the company and Noble were negotiating with the vendor'' to complete the transfer of the land.

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