24-04-2025
- Business
- Malaysian Reserve
Iconic Worldwide resolves RM15m legal dispute, receives RM10.1m in judgement
ICONIC Worldwide Bhd has successfully resolved a major legal dispute involving its subsidiary Iconic Medicare Sdn Bhd (IMED), after the High Court of Malaya in Penang dismissed a RM15.04 million claim filed by Latex Form Sdn Bhd (LFSB) and awarded a partial counterclaim in favour of IMED.
In a judgement delivered on April 22, 2025, the court ordered LFSB to pay RM10.12 million to IMED within 21 days, along with 5% annual interest from the date of judgment until full settlement.
LFSB was also ordered to pay legal costs of RM50,000 to IMED.
'The dismissal of this claim removes a substantial material risk for the Group and its stakeholders,' Iconic Worldwide said in a statement, adding that the outcome is a favourable resolution to the long-running case.
Separately, the group also addressed another legal matter involving CeramTec Innovative Ceramic Engineering (M) Sdn Bhd (CICE), in which the high court dismissed CICE's RM44,190 claim against IMED.
Although IMED's larger counterclaim of US$3.76 million for loss of profit was not allowed, the court awarded RM583,800 in compensation for extra procurement costs.
IMED is currently appealing the decision on the rejected portion.
'We are very pleased with the outcomes of these two legal matters. The Court's decisions to dismiss LFSB's and CICE's claims against us and uphold part of our counterclaims is a clear vindication of our position,' said Iconic Worldwide executive chairman Datuk Seri Tan Kean Tet (picture).
'Moving forward, we are committed to enhancing our risk management practices to mitigate the potential for similar legal issues in the future. With this behind us, the group can now fully dedicate its resources and focus on strengthening our core business operations and pursuing our future growth strategies,' he added.
