KUALA LUMPUR (Feb 1): The government s termination of the integrated immigration system that was in the process of development by Prestariang SKIN Sdn Bhd has resulted in irreparable damage to Prestariang Bhd group of companies that in turn resulted in destruction of shareholder value and created financially stress.
Prestariang Bhd is now known as AwanBiru Technology Bhd (AwanTec). SKIN is the Bahasa Malaysia s abbreviation of the Sistem Kawalan Imigresen Nasional (SKIN) project that was awarded in 2018 just before the 14th general election (GE14).
The company s counsel Datuk Lim Chee Wee in a continuation of his opening statement over the suit filed in 2019 said that the expropriation by the government resulted in the company undergoing tremendous reputational loss and this continued till today.
KUALA LUMPUR (Jan 25): Prestariang SKIN Sdn Bhd, a unit of AwanBiru Technology Bhd (AwanTec) which was formerly known as Prestariang Bhd, is entitled to damages of between RM733 million and RM922 million after the Pakatan Harapan (PH) government unilaterally terminated a concession agreement (CA) for the provision of a comprehensive immigration system over 15 years with the company, said its lawyer.
At the start of Prestariang SKIN’s hearing against the government, its counsel Datuk Lim Chee Wee in his opening statement said the company had completed 22.37% of the project since 2017, based on an assessment by an independent expert.
“The company did not breach any contract with regard to the CA with the government. There was no breach of contract; rather it was a unilateral termination by the Malaysian government of the CA by way of expropriation. Therefore, this court should not accept any argument that a clause in the agreement means the company is only entitled to receive a