Iris Corp: Out-of-court settlement with Dipon Gulf has no material impact

KUALA LUMPUR (Sept 26): Iris Corp Bhd and Dipon Gulf Infotech Consultancy LLC have agreed to an out-of-court settlement for a sum of RM16.11 million and costs of RM65,000 at a rate of 5% per year, which will be formalised in a deed of settlement.

In a filing to Bursa Malaysia yesterday, Iris said the out-of-court settlement is not expected to have any other material financial and operational impact to the group.

On Sept 21, Iris had received the sealed court order awarding the judgment in favour of Dipon.

Dipon had filed a commercial suit against Iris alleging for payments under the projects of collection of machine readable passport (MRP) enrolment data and related services to and the distribution of the MRP among Bangladeshi citizens at the designated sites in the United Arab States; and in Saudi Arabia.

The Dipon alleged that Iris owes it money for the services rendered for the agreements and it also relied on an undated partnership agreement to have been executed between Iris and DG Infotech Ltd, said Iris.

Iris said the agreements were entered into by and between the Bangladesh Department of Immigration and Passport and Iris Corp Bhd Consortium, which is a separate entity from Iris.

Shares in Iris closed unchanged at 17.5 sen yesterday, with 10.81 million shares traded, for a market capitalisation of RM432.58 million. — theedgemarkets.com

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