Iconic Worldwide secures RM10.1mil in legal win involving PPE unit

KUALA LUMPUR: Iconic Worldwide Bhd has reached an amicable resolution in the legal proceedings initiated by Latex Form Sdn Bhd (LFSB) against its subsidiary, Iconic Medicare Sdn Bhd (IMED).

On April 22, the High Court of Malaya, Penang dismissed LFSB’s claim of RM15.04mil in total and allowed IMED’s counterclaim in part.

In a statement, Iconic said LFSB has been ordered to pay a judgment sum of RM10.11mil to IMED within 21 days from the date of the judgment, together with interest on the judgment sum at the rate of 5% per annum to be calculated from the date of judgment until the date of full payment.

Additionally, the Court ordered LFSB to pay the costs of RM50,000 to IMED.

Iconic said the resolution was significant as LFSB had sought over RM15mil, and the dismissal removed a major risk for the group.

It added that Iconic Medicare’s counterclaim was partly allowed, resulting in a favourable outcome.