24-04-2025
- Business
- New Straits Times
Iconic Worldwide wins RM10mil counterclaim in legal dispute
KUALA LUMPUR: Iconic Worldwide Bhd has secured a RM10.1 million counterclaim in a legal case involving its subsidiary, Iconic Medicare Sdn Bhd, after the Penang High Court dismissed a RM15 million claim filed by Latex Form Sdn Bhd.
The court ruled on April 22 that Latex Form must pay the amount to Iconic Medicare within 21 days, along with five per cent annual interest from the date of judgment until full settlement.
Latex Form was also ordered to pay RM50,000 in legal costs, the company said in statement.
The case was related to a commercial dispute between the two parties and Iconic Worldwide said the outcome removes a significant material risk for the group.
Separately, the court had earlier ordered CeramTec Innovative Ceramic Engineering (M) Sdn Bhd to pay RM583,800 to Iconic Medicare in another case.
However, Iconic Medicare's additional claim of US$3.76 million (about RM16.52 million) in lost profits was dismissed. The company has filed an appeal.
Iconic Worldwide executive chairman Datuk Seri Tan Kean Tet said the court decisions validated the group's position and would allow it to refocus on core operations and future growth.
