KUALA LUMPUR: The civil suit against Classita Holdings Bhd, formerly known as Caely Holdings Bhd, over the misappropriation of funds has been settled amicably.
Classita today announced that the company and Datuk Seri Tee Yam and Wong Siaw Puie, the plaintiffs of the civil suit, had amicably settled the matter without admission of liability.
A consent judgment had been recorded this morning, it added.
The suit was filed by the plaintiffs in November 2022, claiming that they had advanced to Classita about RM3.96 million for day-to-day operation and/or management costs.
A detailed internal inspection and audit was carried out based on the advice given by Classita's solicitors, upon completion of which the current board of directors was satisfied that several advancements were received from the plaintiffs.
As such, Classita negotiated a settlement with the plaintiffs at the mutually agreed sum of RM3.30 million instead of the claimed amount of RM3.96 million.
Classita executive chairman Ng Keok Chai said the current board of directors were dedicated and remained focused on strengthening the existing businesses to improve the company's financial position.
"Besides the lingerie manufacturing business, the company is also working to revive the property development business with high-quality property development projects out of the bustling Klang Valley and any other business opportunities that arises," said Ng.