Ovanti wins 5.2M ringgit Malaysian court judgment
- Ovanti secured a legal victory in the Malaysian High Court, recovering 5.2 million Malaysian ringgit.
- The decision gives the business immediate enforcement rights to collect funds from Akay Holdings and Piminik.
- Ovanti plans to seek up to $20,000,000 in further claims against former officers and auditors.
Ovanti (ASX:OVT) secured a Malaysian High Court judgement ordering two entities to pay 5.2 million Malaysian ringgit to its subsidiary, iSentric.
The ruling represents an initial outcome in broader legal actions stemming from historic transactions involving former management.
The court ordered Akay Holdings to pay 4.5 million ringgit RM4,500,000 and Piminik to pay 669,333.34 ringgit, while separate orders for 1.6 million ringgit fall outside the stay.
Additionally, former CFO Kenneth Kuan was found liable for breach of executive officer duties, with damages to be assessed.
Ovanti stated that it is preparing additional proceedings against former directors and auditors, anticipating total claims of approximately $20,000,000.
Following the announcement, the Ovanti share price was unchanged at $0.0010.
The company focuses on technology and fintech operations across Southeast Asian markets.
