KUALA LUMPUR – Malaysia's High Court has ruled in favor of VS Industry in a minority shareholder oppression lawsuit it brought against NEP Holdings and three of its directors.

The company said the court found NEP Holdings, a producer of water filtration systems, and its directors exercised in a manner oppressive to, or disregard of, VS Industry’s interest as a shareholder, and the court has ordered NEP Holdings to be dissolved.

VS Industry acquired a 20% stake in NEP Holdings in 2016, and in July 2023 filed an oppression suit against the company, claiming it failed to hold board meetings or annual general meetings, withheld audited financial statements and did not distribute agreed dividends despite recording profits.

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