Tex Cycle and FACT System trial fixed on April 7

KUALA LUMPUR (Jan 16): Tex Cycle Technology (M) Bhd had on July 28, 2016, via its solicitors, Mas Kumar, issued a statement of claim against FACT System (Malaysia) Sdn Bhd.

According to a Bursa Malaysia filling today, the parties had tried for mediation on Dec 7, 2016 but did not reach a settlement.

“The Case Management was held on Jan 10, 2017 to update the Court on mediation and trial of this matter has been fixed on April 7, 2017 and April 14, 2017,” it said.

Tex Cycle claims that FACT System had breached a contract in respect of the successful implementation of the FACT system pursuant to the former’s requirement for the implementation on goods and services tax (GST) within the GST deadline and in accordance with its service requirements, it said.

Tex Cycle is claiming for damages of RM1.06 million, refund of the contract sum, interest and any other cost which the Court deems fit and proper to grant, it added.

However, on Sept 15, 2016, in its counterclaim filed, FACT System is seeking for a sum of RM38,668.80 for the additional 76 hours spent on the software implementation for Tex Cycle, interest and other reliefs deemed fit and proper by the court.

Shares in Tex Cycle closed down three sen or 2.61% at RM1.12, giving it a market capitalisation of RM189.15 million