EcoFirst Consolidated falls 5.17% on IRB suit

KUALA LUMPUR (Sept 20): EcoFirst Consolidated Bhd fell 5.17% this morning after the company said said it has been sued by the Inland Revenue Board, on behalf of the government, over some RM35.47 million in additional tax and penalty.

At 9.30am, EcoFirst fell 1.5 sen to 27.5 sen with 2.83 million shares traded.

In a statement to Bursa Malaysia today, EcoFirst said the IRB had raised additional income tax assessment amounting to RM30.71 million for its wholly-owned unit Pujian Development Sdn Bhd (PDSB) for assessment year 2004.

"Upon consulting its solicitors, PDSB is of the view that there are reasonable grounds to challenge the claims. In this regard, at this juncture, the company is not able to ascertain the financial impact arising from the claims.

"The claims, however, are not expected to have any material operational impact on the EcoFirst Group," said EcoFirst. — theedgemarkets.com

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