They have a pending court case on tax dispute. Not sure what’s the outcome yet. Big question mark
They lost the court case liao... going to appeal... gone case... tomorrow share price tank.
DUTY FREE INTERNATIONAL LIMITED
(Company Registration No. 200102393E)
(Incorporated in the Republic of Singapore)
CUSTOMS MATTERS RELATING TO A SUBSIDIARY OF THE COMPANY
1. Further to the announcements previously made on 30 November 2017, the Board of Directors of Duty Free International Limited (“Company”, and together with its subsidiaries, “Group”) wishes to provide an update on the said matter:-
i)
On 29 June 2018, the High Court has not granted an application for judicial review to Seruntun Maju Sdn Bhd (“SMSB”).
ii) Upon the advice of its solicitors, SMSB
has filed an appeal to the Court of Appeal against the High Court’s decision of not granting an application for judicial review.
iii) Simultaneously, the High Court instructed SMSB to file a formal stay application, which was subsequently filed on 2 July 2018. The stay application is made to stay the effect and enforcement of the bills of demand raised on SMSB for import and excise duties (“Bills of Demand”).
iv) In addition, SMSB will also file a Notice of Motion before the Court of Appeal to stay the effect and enforcement of the said notices of additional assessment pending the appeal before the Court of Appeal on stay.
2. The Company, after consultation with its solicitors, maintains the view that there is no legal and/or factual basis for the Customs Department to arrive at their decision to raise the said Bills of Demand.
3. The Company will make further announcement(s) if there is any material update on the above said matter.
BY ORDER OF THE BOARD
Lee Sze Siang
Executive Director
2 July 2018