Brief facts of the case
Failure to carry out a mandatory general offer (MO) pursuant to the Code on Take-overs and Mergers 1998 (Code)
Up & Famous Sdn Bhd (UFSB)
Dato’ Tee How Cut
Datin Teo Beng Hwa
Tee Tze Chern
Lim Kwee Hua
Tee Bee Leng
On 22 December 2006, SC filed a civil suit against the defendants, directing them to carry out a compensation scheme for failing to carry out a mandatory offer (MO) to the remaining shareholders of Takaso Resources Berhad (Takaso).
As parties acting in concert, the defendants breached the Code in 2002 when they increased their interest in Takaso by more than 2% within 6 months and without undertaking a MO in Takaso.
The relief sought against the defendants require them to pay the amounts owed to the affected shareholders of Takaso by way of a compensation scheme. In the event they do not carry out the compensation scheme, the SC has sought consequential orders for enforcement and contempt of court.