Shareholder Dispute (Drawbridge Technologies Sdn Bhd)

What started as a bitter dispute between shareholders in 2024 has finally concluded with satisfactory result. For context purposes, we were engaged by Drawbridge Technologies (M) Sdn Bhd, a shareholder of AD&M Global Sdn Bhd to contest a suit brought by the Company itself.

This was possible because the remaining shareholders were in control of the board of directors of the Company at that point of time. The dispute arises because our client asserted that the amount sought by the Company is excessive and disproportionate. The sum claimed was RM1,809,493.00 excluding costs and judgment interest. We were successful in our petition to wind-up the Company on 26 May 2025 on the basis that it was just and equitable to do so, one of the factors considered being the breakdown of relationship between the shareholders. Full grounds of the winding-up can be found at https://lnkd.in/eF3bRw6j as posted earlier. Moving forward, we were successful in navigating into a settlement with the liquidator of the Company, resulting in a consent order being recorded on 17 March 2025 for a total sum of RM346,792.28 to be paid by our client. A big difference in comparison to what was originally claimed by the Company. We thank Drawbridge Technologies (M) Sdn Bhd for the opportunity to serve them and we wish them all the best in their future endeavours moving forward.