Datuk Seri Azmin Ali, the former Selanhor Menteri Besar has withdrawn the counterclaim against Puncak Niaga Holdings Bhd in Court of Appeal that related to the RM14billion lawsuit against him and the predecessors Tan Sri Khalid Ibrahim. Puncak plans on announcing to the Exchange that the hearing of the appeal by Datuk Seri Azmin Ali to the Court of Appeal against the decision of the High Court is dismissing the counterclaim against Puncak that it had been scheduled on 5th November, 2018 had been vacated when Datuk Seri Azmin withdrew the appeal.
This is coming after a year-long suit that had started last November as Puncak Niaga filed RM14 billion lawsuits against Azmin who holds the position of economic affairs minister and also Khalid. The company has claimed that they have abused their powers in public office in times when he was the Selangor Menteri Besar by threating to attempt to cause or cause, the federal government to invoke the use of Water Services Act 2006 to force a take over the water industry of the state.
Puncak Niaga have closed unchanged today at 49.5 sen for the market capitalism of RM221.39 million.